{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM ESG Enhanced UCITS ETF USD (Acc)",
    "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 mentions limited use of financial derivative instruments (FDIs) for direct investment purposes to help achieve the investment objective, which is typical for risk management or efficient portfolio management rather than synthetic replication. There is no mention of swap agreements, total return swaps, or any funded/unfunded swap structures. The monthly factsheet explicitly states the product structure as 'Physical'. There is no leverage, inverse or amplified exposure language. The risk indicator in the KIID is 6 (medium-high risk) due to emerging market equity exposure and ESG screening constraints, but this risk level is driven by market and sector concentration risks rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.18%, no performance fees, and no complex fee structures. Counterparty risk is mentioned only in the context of securities lending and custodial arrangements, which is standard and does not imply complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. The underlying assets are liquid emerging market equities, with no complex bonds or structured products. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for risk management, physical replication, and no leverage or swap usage, leading to a non-complex classification under MiFID II."
}