{
    "fund_name": "iShares MSCI EM ESG Enhanced UCITS ETF USD (Dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Construction",
        "ESG Screening Methodology"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI EM ESG Enhanced Focus CTB Index, which involves ESG screening and optimization but does not inherently make the product complex. The fund does not use leverage, inverse strategies, or synthetic replication. While derivatives are mentioned for direct investment purposes, the context suggests they are used for efficient portfolio management rather than as a core strategy. The index's complexity (ESG screening, decarbonization optimization) does not automatically trigger a 'complex' classification under MiFID II, as the underlying holdings remain transparent and liquid. The fund's risk profile (rated 6) is consistent with emerging market equities, and the use of derivatives is not extensive or opaque. The PRIIPs KID and factsheet confirm no swap-based replication or structured products.",
    "confidence": 90
}