{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI World Value 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 equity ETF tracking the MSCI World Enhanced Value Index using physical replication. The KIID and PRIIPs KID documents confirm the fund invests directly in equity securities, with only limited and incidental use of financial derivative instruments (FDIs) for direct investment purposes or risk management, not as an inherent part of the strategy. 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 (4 out of 7 in PRIIPs KID, 6 in KIID but consistent with equity market risk), with no capital protection or structured features. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and direct investment in approximately 384 equity holdings globally, with no indication of synthetic or leveraged structures. The fund uses optimisation techniques to track the index but this does not imply complexity under MiFID II. No complexity flags such as capital protection, leverage, or significant counterparty risk are present. Therefore, the fund is classified as non-complex under MiFID II."
}