{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM ESG Enhanced UCITS ETF USD (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that aims to replicate the MSCI EM ESG Enhanced Focus CTB Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only may use financial derivatives for direct investment purposes to help achieve the investment objective, not as an inherent part of the strategy, thus derivatives usage is minimal and risk-management oriented. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but consistent with equity market risk), with no capital protection or structured features. The fund invests in a broad, liquid basket of emerging market equities with ESG screening, but no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a low TER (0.18%) and no performance fees or swap fees. Securities lending is used but disclosed transparently and does not increase fund costs. The monthly factsheet confirms physical replication and no synthetic or swap-based structures. No complexity flags such as capital guarantees, leverage, or complex derivatives are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}