{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI USA Quality Factor",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI USA Sector Neutral Quality Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and direct investment in equities, with only limited use of financial derivative instruments (FDIs) for direct investment purposes to produce a similar return to the index, not for leverage or synthetic exposure. 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, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7), reflecting equity market risks and factor concentration risk, but not complexity from derivatives or leverage. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no leverage, and direct holdings in US large and mid-cap equities with no complex instruments. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}