{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI Europe Value Factor",
    "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 Europe Enhanced Value Index through physical investment in equity securities. The KIID and PRIIPs KID documents confirm the fund uses an optimised physical replication method, investing directly in a diversified portfolio of approximately 145 undervalued European equities. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. Derivatives may be used only for direct investment purposes or risk management, but not as an inherent element of the strategy, thus derivatives are marked false. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7), reflecting equity market risks and factor concentration, but not complexity from leverage or derivatives. Counterparty risk disclosures relate to safekeeping and potential derivative counterparties but do not indicate significant counterparty exposure or funded/unfunded swaps. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication and direct equity holdings without synthetic structures or complex underlying assets. No capital protection or structured features are present. Overall, the fund\u2019s structure, replication method, and risk disclosures align with a non-complex classification under MiFID II."
}