{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Quality Dividend Advanced UCITS ETF EUR (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that aims to track the MSCI Europe High Dividend Yield ESG Reduced Carbon Target Select Index using physical replication. The KIID and PRIIPs KID documents confirm the fund invests primarily in equity securities that make up the index or similar securities, with no indication of synthetic replication or use of swap agreements. The fund may use financial derivative instruments (FDIs) only for direct investment purposes or risk management, but this is limited and not inherent to the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk indicator in the KIID is 6 (on a 1-7 scale), reflecting equity market risk rather than complexity from derivatives or leverage. The monthly factsheet confirms physical index replication and no synthetic or swap-based structure. The fund engages in securities lending, but this does not increase complexity classification. No capital protection or structured features are present. Counterparty risk is disclosed as a general operational risk but no significant counterparty exposure from swaps or derivatives is identified. Costs are straightforward with a TER of 0.28%, no performance fees, and no swap or derivative fees. The index tracked is an ESG-optimized, quality dividend index with some optimization techniques but no complex structured indices or contingent bonds. Overall, the fund exhibits a straightforward, physical equity index tracking strategy with limited derivative use for risk management, no leverage, no synthetic replication, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}