{
    "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 Taiwan UCITS ETF is a physically replicated fund that aims to track the MSCI Taiwan 20/35 Index by holding the underlying equity securities. While the KIID mentions the potential use of financial derivative instruments (FDIs) for achieving the investment objective, it specifies that these are used to gain exposure to certain securities (e.g., ADRs and GDRs) rather than for leverage or complex strategies. The fund does not exhibit any of the key complexity indicators such as synthetic replication, leverage, inverse exposure, or capital protection mechanisms. The risk profile is primarily driven by equity market exposure and emerging market risks, which are typical for a single-country ETF. The fund's use of derivatives appears to be limited to efficient portfolio management (e.g., securities lending and ADR/GDR exposure), which does not trigger complexity under MiFID II. The fund is UCITS-compliant, has a straightforward investment objective, and provides clear risk disclosures, further supporting its non-complex classification.",
    "confidence": 95
}