{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM ex-China UCITS ETF USD (Acc)",
    "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 Emerging Markets ex China Index by physically holding the equity securities in similar proportions to the index, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. While the Fund may invest in financial derivative instruments (FDIs), these are used for direct investment purposes and not as a core synthetic replication method, so derivatives are considered non-complex in this context. The Fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, 6 in KIID but this is due to emerging market equity risk, not complexity). The Fund invests in liquid, transparent equity securities across emerging markets excluding China, with no complex underlying assets such as contingent convertible bonds or CLOs. The costs are straightforward with a low ongoing charge (0.18%) and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs and is standard practice. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There is no PRIIPs comprehension warning or complexity flag. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}