{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI EM Value Factor UCITS USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Factor Focus Index, Emerging Markets Exposure",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the MSCI EM Select Value Factor Focus Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the core investment strategy, only a possibility of limited use of financial derivative instruments for direct investment purposes, which is typical for risk management and not inherent complexity. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID), reflecting equity market and emerging market risks, but not complexity-related risks such as capital protection or structured features. The fund invests directly in liquid equity securities from emerging markets, with no complex underlying assets like contingent convertible bonds or CLOs. Counterparty risk disclosures relate to standard operational risks (e.g., safekeeping and securities lending) rather than complex derivative counterparty risk. Costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees. The factor focus index is less diversified than the parent index but does not introduce complexity under MiFID II. No capital protection or structured features are present. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, the ETF is classified as non-complex under MiFID II."
}