{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI USA Momentum 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 Momentum Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm that the fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or total return swaps. Derivatives may be used only for hedging or FX purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap US equities, which are liquid and transparent. The risk profile is medium-high (5 out of 7), reflecting equity market risk and factor concentration risk, but not complexity from structure or instruments. No capital protection or structured features are present. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not complex derivative counterparties. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The momentum index methodology is factor-based but does not introduce complexity under MiFID II. Overall, the fund exhibits none of the complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}