{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Value Factor Advanced UCITS ETF USD (Acc)",
    "investment_objective": "To achieve a return reflecting the MSCI USA Value Advanced Select Index through capital growth and income by investing in equity securities that make up the Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that physically replicates the MSCI USA Value Advanced Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with only limited use of financial derivative instruments (FDIs) to help achieve the investment objective, which is typical for risk management rather than inherent strategy complexity. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7) reflecting equity market risk and factor concentration risk, but not complexity from derivatives or leverage. The Fund invests in liquid, transparent equity securities with no complex underlying assets such as contingent convertible bonds or structured products. Charges are straightforward with a TER of 0.20%, no performance fees, and some securities lending revenue sharing. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. Overall, the Fund exhibits characteristics of a non-complex ETF under MiFID II, with no synthetic replication, leverage, or complex underlying assets. The medium risk rating is consistent with equity market exposure and factor concentration, not complexity. Therefore, the classification is non-complex."
}