{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI World Value Factor",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI World Value Factor UCITS ETF is a physically replicated UCITS ETF investing directly in equity securities that make up the MSCI World Enhanced Value Index or similar securities via optimisation techniques. The KIID and PRIIPs KID confirm the use of physical replication with no synthetic or swap-based replication. The Fund uses limited financial derivative instruments (FDIs) only for direct investment purposes and not as an inherent part of the strategy, thus derivatives are not considered a complexity driver. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to factor risk), but this relates to equity market risk and factor concentration rather than structural complexity. No capital protection or structured features are present. Counterparty risk is disclosed but limited to operational aspects such as securities lending and safekeeping, not from synthetic replication or unfunded swaps. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and direct investment in equities, with no mention of swap usage or complex underlying assets. The index tracked is a factor-based equity index, which may increase risk but does not add complexity under MiFID II. There are no references to contingent bonds, leverage, or complex structured products. Overall, the ETF is non-complex under MiFID II criteria."
}