{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Factor Focus Risk",
        "Index Methodology Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI Europe Quality Factor UCITS ETF uses physical replication and primarily invests in equity securities to track the MSCI Europe Sector Neutral Quality Index. While the KIID mentions the use of financial derivative instruments (FDIs) for direct investment purposes, it does not indicate extensive or sophisticated derivative usage that would materially alter the risk profile or require specialist knowledge. The derivatives are likely used for efficient portfolio management rather than as a core strategy. The fund's risk profile is rated 6, but this is primarily due to the equity market risks and factor focus rather than complexity from derivatives or leverage. The fund does not employ leverage, inverse strategies, or synthetic replication, and there are no indications of capital protection mechanisms or structured features. The counterparty risk mentioned is standard for funds engaging in securities lending and basic derivative use. The fund's transparency, liquidity, and straightforward investment objective support its classification as non-complex.",
    "confidence": 90
}