{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI World Value Factor ETF is a physically replicated UCITS ETF that tracks the MSCI World Enhanced Value Index. The KIID and factsheet indicate that while the fund may use financial derivative instruments (FDIs) for direct investment purposes, this usage is expected to be limited and likely falls under efficient portfolio management (EPM). The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying assets are liquid equities, and the risk profile is transparent. The fund's risk rating of 6 is primarily due to equity market exposure rather than structural complexity. The absence of capital protection mechanisms, complex structured products, or significant counterparty risk further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives, even if limited, could introduce complexity. However, the KIID explicitly states that derivative usage is expected to be limited and likely for EPM purposes, which does not trigger complexity under MiFID II. Additionally, the fund's physical replication method and straightforward equity exposure outweigh this concern.",
    "risk_level": "The fund's risk rating of 6 aligns with its equity market exposure and factor focus, but this does not indicate structural complexity. The risks are typical of equity investments and are clearly disclosed."
}