{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI India UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI India UCITS ETF aims to replicate the MSCI India Index by holding the underlying equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm that the Fund invests directly in large- and mid-cap Indian equities, with no mention of synthetic replication, swap agreements, or total return swaps. The use of financial derivative instruments (FDIs) is stated to be limited and primarily for investment purposes, not as an inherent part of the strategy, thus derivatives are considered non-complex here. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium-high (5 out of 7), reflecting market and emerging market risks rather than structural complexity. The monthly factsheet confirms physical replication and direct investment in equities, with no indication of complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with a TER of 0.65%, no performance fees, and no complex fee structures. Counterparty risk is noted but typical for custody and operational counterparties, not due to swap or derivative counterparty exposure. No capital protection or structured features are present. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no synthetic or leveraged elements. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}