{
    "name": "iShares Emerging Markets Equity Enhanced Active UCITS ETF USD (Acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Quantitative models",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated and primarily invests in equities and fixed income securities. While it uses derivatives for investment purposes, risk reduction, cost efficiency, and income generation, these are not used for leverage or synthetic replication. The fund's risk profile (rated 6) is driven by emerging market exposure rather than structural complexity. The quantitative models used for stock selection are systematic but do not introduce non-linear risks or complex payoff structures. Counterparty risk is present but typical for UCITS funds using derivatives for EPM (Efficient Portfolio Management).",
    "confidence": 85,
    "counter_argument": "The use of derivatives could be seen as a complexity factor, but since they are used for EPM rather than as a core strategy and the fund maintains physical replication, this does not meet the threshold for classification as complex under MiFID II. The quantitative models are rule-based and transparent, not introducing additional complexity beyond standard active management.",
    "risk_level": 6,
    "esg_integration": true,
    "benchmark_complexity": "MSCI Emerging Markets Index (standard, non-complex)"
}