{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM SRI UCITS ETF USD (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI EM SRI UCITS ETF aims to track the MSCI EM SRI Select Reduced Fossil Fuel Index through physical replication by investing directly in the equity securities comprising the index, as stated in the KIID and confirmed by the factsheet which specifies 'Product Structure: Physical' and 'Methodology: Replicated'. The Fund is UCITS compliant. The use of financial derivative instruments (FDIs) is mentioned but only for limited, direct investment purposes and risk management, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no mention of synthetic replication, swap agreements, or counterparty exposure related to swaps. No leverage, inverse, or amplified return features are present. The underlying assets are equities in emerging markets with ESG/SRI criteria, which are liquid and transparent securities. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to emerging market risks), but this is driven by market and currency risks rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no use of swaps or synthetic replication. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}