{
    "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 USD (Acc) is a physically replicated ETF that aims to track the MSCI Emerging Markets Index. The KIID and factsheet indicate that the fund primarily invests in equity securities that make up the index, with no mention of leverage, inverse strategies, or complex derivatives. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The fund's risk profile is rated 6 out of 7, but this is due to the inherent risks of emerging markets rather than structural complexity. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The factsheet confirms a physical replication methodology and does not highlight any complex features such as swaps, leverage, or illiquid assets.",
    "confidence": 95
}