{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EMU USD Hedged UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Currency hedging via FX forwards",
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the MSCI EMU Index by holding the underlying equity securities in similar proportions. The fund uses FX forward contracts solely for currency hedging purposes to reduce currency risk between the Euro-denominated equities and the USD base currency. There is no use of synthetic replication, total return swaps, or other derivative instruments for investment exposure. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and currency hedging, not complexity). The fund is UCITS compliant, with a straightforward index-tracking objective investing in liquid, transparent equity securities. The monthly factsheet confirms physical replication and use of short-term FX forwards for hedging only, with no swap or complex derivative usage. Costs are simple with no performance fees or swap fees. No capital protection or structured features are present. Counterparty risk is limited to FX forward counterparties and custodians, typical for hedged ETFs, and disclosed as a risk but not a complexity driver. Overall, the fund\u2019s structure and strategy are transparent and linear, with derivatives used only for risk management, not as an inherent element of the investment strategy, thus derivatives are marked false for complexity purposes."
}