{
    "fund_name": "iShares MSCI USA Value Factor Advanced UCITS ETF USD (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (factor-based with ESG optimisation)",
        "Potential counterparty risk from securities lending",
        "ESG screening and carbon reduction constraints"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Value Advanced Select Index, which is a factor-based index with ESG optimisation. While the index methodology is complex (factor-based with ESG constraints), the ETF itself does not use derivatives for investment purposes (only for securities lending, which is not a complexity trigger under MiFID II). The ETF has a straightforward equity investment strategy with no leverage or inverse exposure. The risk profile is rated 6/7, but this is typical for equity ETFs and does not indicate complexity. The use of derivatives is limited to securities lending (not for investment purposes), and there is no synthetic replication or swap exposure. The ETF is UCITS-compliant, which typically aligns with non-complex classification under MiFID II.",
    "confidence": 90
}