{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI EM SRI UCITS ETF (Acc) is classified as non-complex under MiFID II based on the following analysis: 1) Physical replication method (confirmed in the fact sheet), 2) No leverage or inverse exposure, 3) No synthetic replication or swap usage identified, 4) UCITS-compliant structure with straightforward equity investment strategy, 5) Risk profile rated 6/7 but primarily due to emerging market exposure rather than structural complexity. The fund's use of derivatives is limited to efficient portfolio management (as stated in the KIID) and does not create additional complexity. The index methodology, while ESG-focused, does not introduce structural complexity. The fact sheet confirms physical replication and no swap exposure. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}