{
    "fund_name": "iShares MSCI EM Latin America UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication techniques (may include derivatives for direct investment purposes)",
        "Securities lending activities",
        "Counterparty risk from derivatives (though minimal in this case)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (as stated in the PRIIPs KID) and does not employ leverage or inverse strategies. While it mentions optimised replication techniques that may include derivatives for direct investment purposes, this appears to be for efficient portfolio management rather than creating complexity. The securities lending activity is standard for ETFs and does not trigger complexity under MiFID II. The risk profile is clearly communicated as medium to high (risk level 7), but this is typical for emerging markets equity exposure. The underlying index (MSCI EM Latin America 10/40) is a standard market-cap-weighted index without complex features. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}