{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Quality Dividend Advanced UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI USA High Dividend Yield ESG Reduced Carbon Target Select Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI USA High Dividend Yield ESG Reduced Carbon Target Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivative instruments (FDIs) but only for direct investment purposes, not as an inherent part of the replication strategy, thus derivatives are considered false for complexity. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID rates the fund at 6 (on a scale where 7 is highest), reflecting equity market risk but not complexity from derivatives or leverage. The PRIIPs KID risk indicator is 4 out of 7, a medium risk level, consistent with a straightforward equity ETF. The fund engages in securities lending to generate additional income, but this does not add complexity under MiFID II. The underlying assets are large and mid-cap US equities, liquid and transparent, with no complex structured products or contingent bonds. No capital protection or structured features are present. Costs are straightforward with a TER of 0.35%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no synthetic or swap usage. The ESG screening and index optimization do not add complexity under MiFID II, as they do not involve complex derivatives or leverage. No warnings about suitability or required specific investment knowledge beyond normal equity investing are present. Therefore, the ETF is classified as non-complex under MiFID II."
}