{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core MSCI EM IMI UCITS ETF aims to replicate the MSCI Emerging Markets Investable Market Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and direct investment in equities, ADRs, and GDRs, with no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage or inverse strategies, and there are no capital protection or structured product features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to emerging market exposure), but this is driven by market and liquidity risks typical of emerging markets rather than complexity of the product structure. The monthly factsheet confirms physical replication and no use of derivatives as a core strategy, only possible limited use for efficient portfolio management, which does not trigger 'derivatives' complexity under MiFID II. Costs are straightforward with a low TER of 0.18%, no performance fees, and no swap or derivative fees. There are no complex underlying assets such as contingent convertible bonds or CLOs. No complexity flags such as capital protection, leverage, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}