{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares EM Infrastructure UCITS ETF is a physically replicated fund that primarily invests in equity securities of emerging market infrastructure companies. The KIID and factsheet indicate that the fund aims to track the S&P Emerging Markets Infrastructure Index through direct investment in the underlying securities. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management, there is no indication of extensive or sophisticated derivative usage that would materialize into significant additional risk or complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile, while rated at level 6 due to emerging market and sector concentration risks, does not stem from structural complexity but rather from the inherent volatility of the asset class. The fund's transparency, liquidity, and straightforward investment strategy align with non-complex characteristics under MiFID II.",
    "confidence": 90,
    "additional_notes": "The fund's use of derivatives is limited to efficient portfolio management and does not introduce material complexity. The absence of leverage, inverse strategies, or synthetic replication further supports the non-complex classification. The fund's risk profile is driven by market and sector-specific risks rather than structural complexity."
}