{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM Consumer Growth UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI ACWI Emerging Market Consumer Growth Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm that derivatives, including FX contracts, may be used only for direct investment purposes or risk management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, 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 mainly due to emerging market equity risk, not structural complexity). The fund invests directly in a broad range of liquid equity securities from emerging and developed markets, with no complex underlying assets such as contingent convertible bonds or structured products. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.60%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no complexity flags such as significant counterparty risk, leverage, or complex underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}