{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI USA Momentum Factor UCITS ETF is a UCITS-compliant equity ETF 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 the fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund may use financial derivatives (FDIs) including FX contracts, but only for investment purposes and not as an inherent part of the strategy, thus derivatives usage is considered non-complex and for risk management or operational efficiency. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (risk level 5-6), reflecting equity market and factor risks, but not complexity from structure or instruments. The fund engages in securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward equity portfolio of 124 holdings. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a factor-based equity index focusing on momentum, which may increase risk but does not add structural complexity. There are no performance fees or complex fee structures beyond a simple TER of 0.20%. No capital protection or structured features are present. Overall, the fund\u2019s structure and investment approach align with a non-complex classification under MiFID II."
}