{
    "fund_name": "iShares MSCI Brazil UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Brazil UCITS ETF (DE) is a physically replicated ETF that aims to track the MSCI Brazil Index Net USD. The KIID and factsheet indicate that the fund uses physical replication with a duplication percentage of at least 95% of the fund's assets. There is no mention of synthetic replication, swaps, or derivative instruments for purposes other than efficient portfolio management. The fund does not employ leverage or inverse strategies, and there are no indications of capital protection mechanisms or structured features. The risk profile is primarily driven by the underlying equity exposure to Brazilian markets, with standard risks such as currency risk, liquidity risk, and counterparty risk related to typical fund operations. The fund is UCITS compliant, which generally implies a higher level of investor protection and transparency. The absence of complex features such as leverage, derivatives for non-EPM purposes, or synthetic replication supports the classification as non-complex.",
    "confidence": 95
}