{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Optimised physical replication with minor derivative use for efficient portfolio management; no leverage or synthetic swaps; equity exposure to liquid European stocks",
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI Europe Value Factor UCITS ETF is a UCITS-compliant ETF that aims to track the MSCI Europe Enhanced Value Index through physical equity securities. The KIID and PRIIPs KID confirm the fund uses optimising techniques including strategic selection of securities and may use financial derivative instruments (FDIs) for direct investment purposes, but these are for efficient portfolio management rather than inherent to the strategy, thus derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7), reflecting equity market risk and factor concentration risk, not complexity from structure. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Securities lending is used to generate additional income but does not increase complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. Overall, the fund\u2019s structure and investment approach are transparent and straightforward, with no synthetic or leveraged elements, and investments are in liquid, transparent equity securities. Therefore, under MiFID II, this ETF is classified as non-complex."
}