{
    "fund_name": "iShares Edge MSCI USA Value Factor UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Enhanced Value Index, with derivatives potentially used only for efficient portfolio management (EPM) rather than as a core strategy. The fund has a straightforward investment objective, invests directly in liquid equities, and maintains a transparent risk profile. While the KIID mentions the use of financial derivative instruments (FDIs), it specifies they may be used for direct investment purposes, which aligns with standard EPM practices. The risk level (6) is primarily due to equity market exposure rather than structural complexity. The fund's factor-based strategy (value focus) does not introduce complexity beyond standard equity ETFs.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": "Mentioned but typical for UCITS ETFs using derivatives for EPM",
    "benchmark_complexity": "The MSCI USA Enhanced Value Index is a transparent, rules-based index with clear methodology, not considered complex under MiFID II",
    "additional_notes": "The PRIIPs KID and factsheet did not introduce any additional complexity factors. The fund's physical replication, lack of leverage, and straightforward equity exposure support the non-complex classification. The use of derivatives is explicitly stated to be for direct investment purposes, which is consistent with non-complex ETF structures under MiFID II."
}