{
    "fund_name": "iShares BIC 50 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Emerging market exposure",
        "Complex index construction (uses depository receipts as proxies for underlying securities)",
        "Counterparty risk from securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE BIC 50 Net of Tax Index, which consists of 50 large-cap companies from Brazil, India, and China. While the index uses depository receipts as proxies for underlying securities, this is standard practice for emerging market indices and does not introduce complexity. The fund does not use derivatives for investment purposes beyond securities lending (which is common practice and not considered complex under MiFID II). The risk profile is clearly disclosed as medium to high, and the fund's structure is transparent with regular reporting. While there is some counterparty risk from securities lending, this is typical for ETFs and does not elevate the fund to complex status. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}