{
    "fund_name": "iShares MSCI Korea UCITS ETF USD (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Korea 20/35 Index, investing directly in equity securities. While it mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication of synthetic replication, leverage, or inverse strategies. The risk profile is rated 7 (medium-high), but this is typical for equity ETFs in emerging markets. The fund does not exhibit any of the complexity indicators under MiFID II, such as capital protection mechanisms, structured products, or significant counterparty risk beyond standard market exposure. The PRIIPs KID confirms a 'physical' product structure, and the fact sheet reinforces the direct investment approach. The use of derivatives, if any, appears to be for efficient portfolio management rather than as an inherent element of the strategy.",
    "confidence": 95
}