{
    "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 EM IMI UCITS ETF uses physical replication to track its benchmark index, primarily investing directly in the underlying equity securities. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for operational efficiency rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile (rated 6) is primarily due to the emerging markets exposure rather than structural complexity. The fund's straightforward objective of tracking a broad emerging markets index, combined with its physical replication method and lack of complex features, supports a non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": "The fund acknowledges counterparty risk in its KIID, but this is standard disclosure for any fund engaging in securities lending or using derivatives for operational purposes. The risk is mitigated by the fund's physical replication strategy and does not introduce complexity beyond what is typical for UCITS-compliant ETFs.",
    "additional_notes": "The fund's use of derivatives is explicitly stated to be for direct investment purposes, likely referring to operational needs such as managing cash flows or accessing certain markets. This does not constitute a complex strategy under MiFID II. The absence of leverage, inverse exposure, or synthetic replication further supports the non-complex classification."
}