{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI USA Value Factor UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF physically replicating the MSCI USA Enhanced Value Index by direct investment in underlying equity securities. The KIID and PRIIPs KID confirm the fund invests in equities directly, with no synthetic replication or use of funded or unfunded swaps. Derivatives may be used only for direct investment purposes or risk management, not as an inherent part of the strategy, so derivatives flag is false. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium-high (5 out of 7) reflecting equity market risk and factor concentration risk, but no complexity triggers such as capital protection, structured features, or complex underlying assets like contingent bonds or CLOs. The fund engages in securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms physical replication, no synthetic or swap usage, and a straightforward equity portfolio of 141 US stocks. No references to complex derivatives, counterparty risk beyond normal custodial risk, or leverage are found. The fund's risk disclosures and costs are standard for a physical equity ETF. Therefore, the fund is classified as non-complex under MiFID II criteria."
}