{
    "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 IMI ESG Screened UCITS ETF is a physically replicated fund that aims to track the MSCI EM IMI ESG Screened Index. The KIID and factsheet indicate that the fund primarily holds equity securities directly, with derivatives used only for efficient portfolio management (EPM) and not as a core part of the investment strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying assets are liquid equities, and the risk profile is clearly disclosed. While the KIID mentions the potential use of financial derivative instruments (FDIs), it explicitly states that their use is expected to be limited and for direct investment purposes, not for creating complex exposures. The fund's risk rating of 6 is primarily due to emerging market exposure rather than structural complexity. The absence of capital protection mechanisms, structured features, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives, even if limited, could introduce complexity. However, the KIID explicitly states that derivative usage is expected to be limited and for direct investment purposes, not for creating complex exposures. The fund's physical replication method and straightforward equity holdings outweigh this concern.",
    "final_decision": "The fund is classified as non-complex because it uses physical replication, has no leverage or inverse exposure, and employs derivatives only in a limited capacity for efficient portfolio management. The underlying assets are straightforward equities, and the risks are clearly disclosed and understandable."
}