{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI Europe Momentum Factor UCITS ETF",
    "investment_objective": "To track the MSCI Europe Momentum Index, reflecting a subset of European equities with recent upward price trends",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed European countries including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Optimised physical replication with use of derivatives only for efficient portfolio management, factor-based index exposure",
    "classification": "non-complex",
    "supporting_data": "The KIID and PRIIPs KID clearly state the Fund uses physical replication with optimising techniques to track the MSCI Europe Momentum Index. There is no mention of synthetic replication, swap agreements, or total return swaps. The monthly factsheet confirms the product structure as physical. The Fund invests directly in equity securities, with no leverage or inverse exposure. Derivatives may be used for direct investment purposes but only as part of portfolio optimisation, not as an inherent element of the strategy, so derivatives are marked false. The risk indicator is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and factor concentration, not complexity). There are no capital protection or structured features. Counterparty risk is disclosed but relates to safekeeping and securities lending, not swap counterparties. Costs are straightforward with no swap or performance fees. The factor-based index focus adds some complexity in terms of factor risk but does not trigger MiFID II complexity classification. No leverage or synthetic replication is present. Therefore, the ETF is classified as non-complex under MiFID II rules."
}