{
    "fund_name": "iShares MSCI World Value Factor ESG",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Factor-based indexing",
        "ESG screening complexity",
        "Potential for limited derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method, with only limited derivative usage for efficient portfolio management. The fund tracks a factor-based index with ESG constraints, which introduces some complexity but does not meet MiFID II's threshold for classification as a complex product. The risk profile is rated 6/7, but this is primarily due to equity market risk rather than structural complexity. There are no leverage, inverse, or synthetic replication features, and the underlying holdings are straightforward equities. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}