{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Korea UCITS ETF USD (Acc) is a UCITS-compliant ETF that aims to replicate the MSCI Korea 20/35 Index by physical replication, holding the underlying equity securities in similar proportions to the index. The fund may engage in short-term securities lending, which is a secondary feature and well-managed under UCITS rules, not automatically triggering complexity. The use of financial derivative instruments is mentioned as possible but only to help achieve investment objectives, with no indication that derivatives are integral to the strategy or that synthetic replication is used. The fund does not employ significant leverage beyond UCITS limits. The index tracked is transparent and straightforward, and the structure and risks (market volatility, tracking error) are easily understood by retail investors with basic knowledge. According to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, UCITS ETFs using physical replication and limited or no derivative use for efficient portfolio management are presumed non-complex. The absence of embedded derivatives, leverage, or complex features such as synthetic replication or structured products supports this classification. Therefore, this ETF is classified as non-complex under MiFID II rules."
}