{
    "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 ETF is a UCITS-compliant exchange-traded fund that physically replicates the MSCI USA Enhanced Value Index by directly holding the underlying equity securities in similar proportions to the index. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. Derivatives may be used only for direct investment purposes or risk management, but this does not trigger complexity classification. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7), reflecting equity market risks and factor concentration, but not complexity from structural or derivative features. The fund engages in short-term securities lending, but this is standard and does not increase complexity. Costs are straightforward with a simple TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. Counterparty risk is disclosed as a standard risk related to safekeeping and securities lending counterparties, not indicative of synthetic replication or funded/unfunded swaps. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF is straightforward, physically replicating a transparent equity index with no leverage or complex derivative usage, leading to a non-complex classification under MiFID II."
}