{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core MSCI EMU UCITS ETF is classified as non-complex under MiFID II. Key factors supporting this determination include: 1) Physical replication of the MSCI EMU Index, 2) No leverage or inverse exposure, 3) Derivatives are used only for currency hedging (FX forward contracts) and securities lending (not for investment purposes), 4) Straightforward equity investment strategy with transparent underlying assets, 5) UCITS-compliant structure with segregated liability, 6) Risk profile is clearly communicated as medium risk (level 6 on the scale), and 7) No capital protection or structured features. While derivatives are used, they are for efficient portfolio management (hedging and securities lending) rather than as an inherent part of the investment strategy. The fund's documentation does not indicate any complexity triggers like synthetic replication, unfunded swaps, or complex structured products. The PRIIPs KID and factsheet confirm the physical replication method and lack of leverage. The only potential complexity factor is the currency hedging, but this is standard practice for many ETFs and does not materially alter the fund's risk profile.",
    "confidence": 95
}