{
    "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 EM UCITS ETF is a physically replicated fund that directly holds the underlying securities of its benchmark index. While the KIID mentions the potential use of financial derivative instruments (FDIs), it specifies these are for direct investment purposes rather than for leverage or complex strategies. The fund uses physical replication, has no leverage or inverse exposure, and its primary risks are standard for emerging market equity funds (currency risk, liquidity risk, etc.). The risk rating of 6 is typical for emerging market equity funds and doesn't indicate complexity. The fund's straightforward investment in large and mid-cap emerging market equities, with no evidence of complex structures or strategies, supports its non-complex classification.",
    "confidence": 95
}