{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core MSCI EMU UCITS ETF USD Hedged (Acc) Share Class",
    "investment_objective": "To replicate the return of the MSCI EMU Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "European Economic and Monetary Union (EMU)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI EMU Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. Derivatives are used only for currency hedging purposes (FX forwards), which is considered risk management rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap equities from developed EMU countries, which are liquid and transparent. The risk profile is medium (4 out of 7 in PRIIPs, 6 in KIID but driven by equity market risk, not complexity). No capital protection or structured features are present. Costs are straightforward with a low TER of 0.15%, no performance fees, and no complex fee structures. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical replication and no use of swaps or complex derivatives. No complexity flags such as contingent bonds, leverage, or capital protection mechanisms are identified. Therefore, under MiFID II, this ETF is classified as non-complex."
}