{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares EM Infrastructure UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication to track the S&P Emerging Market Infrastructure Index, investing directly in the underlying equity securities. 2) There is no mention of synthetic replication, swaps, or derivative instruments beyond the use of ADRs and GDRs, which are not considered complex under MiFID II. 3) The fund does not employ leverage, inverse strategies, or capital protection mechanisms. 4) The risk profile is rated 6 (medium-high), but this is primarily due to the nature of emerging market infrastructure equities rather than structural complexity. 5) The fund is UCITS-compliant, which inherently limits the use of complex strategies. 6) The PRIIPs KID and factsheet confirm the physical replication method and absence of synthetic exposure. The only potential complexity factor is the use of ADRs/GDRs, but these are standard instruments for accessing foreign equities and do not trigger MiFID II complexity rules. The fund's straightforward structure, transparency, and alignment with typical ETF characteristics support the non-complex classification.",
    "confidence": 95
}