{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI EM ex-China UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication (direct investment in underlying securities) as its primary replication method, with no mention of synthetic replication or swap agreements. 2) There is no leverage or inverse exposure (no terms like '2x', '3x', or 'inverse' in the documentation). 3) While the KIID mentions the use of financial derivative instruments (FDIs) for direct investment purposes, this appears to refer to ADRs and GDRs (depositary receipts), which are not inherently complex derivatives. 4) The risk profile is rated 6/7, which is relatively high but not automatically indicative of complexity under MiFID II. 5) The fund's objective is straightforward: to track the MSCI Emerging Markets ex-China Index through direct investment in the underlying securities. 6) The PRIIPs KID and factsheet confirm the physical replication method and lack of leverage or synthetic structures. The only potential complexity factor is the exposure to emerging markets, which may involve higher volatility and liquidity risks, but this does not trigger a 'complex' classification under MiFID II. The fund's structure is transparent, and the risks are clearly disclosed, making it suitable for retail investors.",
    "confidence": 95
}