{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core MSCI EMU UCITS ETF is a physically replicated ETF that aims to track the MSCI EMU Index by holding the underlying equity securities in similar proportions. The KIID and factsheet indicate that the fund primarily uses physical replication, with derivatives only potentially used for efficient portfolio management (e.g., securities lending or hedging). The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is rated 6 out of 7, but this is due to the inherent volatility of equity markets rather than structural complexity. The fund is UCITS-compliant, which imposes strict risk and transparency requirements. While the KIID mentions the possibility of using financial derivative instruments (FDIs), it specifies that these are for direct investment purposes and not for leverage or complex strategies. The factsheet confirms the physical replication methodology and does not highlight any complex features such as contingent bonds, structured products, or significant counterparty risks. The fund's holdings are transparent, liquid, and straightforward, with no indications of illiquid or hard-to-value assets. The absence of leverage, inverse exposure, or synthetic replication, combined with the fund's adherence to UCITS regulations and its straightforward equity index-tracking objective, supports the classification as non-complex.",
    "confidence": 95
}