{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI World Quality Factor USD (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the MSCI World Sector Neutral Quality Index by investing primarily in equity securities. The fund uses physical replication with optimising techniques, including strategic selection of securities, but does not rely on synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. Derivatives may be used only for direct investment purposes or risk management, but this does not constitute synthetic replication. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, and 6 in KIID, reflecting equity market risk and factor concentration risk), but this is typical for equity ETFs and does not indicate complexity under MiFID II. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The fund engages in short-term securities lending, but this is standard and does not increase complexity. The underlying assets are liquid, transparent equities from developed markets, with no exposure to complex structured products or contingent convertible bonds. The index tracked is a factor-based equity index, which may have some concentration risk but is not inherently complex. No references to roll costs, contango, or backwardation effects are present, as the fund does not invest in commodities or futures. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, the fund does not meet the MiFID II criteria for a complex financial instrument."
}