{
    "fund_name": "iShares Edge MSCI USA Quality Factor",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Sector Neutral Quality Index, which is a straightforward equity index. The KIID and PRIIPs documents confirm the fund invests directly in equity securities and does not use synthetic replication, swaps, or leverage. The risk profile is rated 6 (medium risk), and the fund's strategy is transparent, with no complex structured features or capital protection mechanisms. The use of derivatives is limited to efficient portfolio management (e.g., short-term secured lending), which does not trigger complexity under MiFID II. The underlying index is a factor-based equity index, but it does not involve complex derivatives or structured products. The fund's liquidity and transparency align with typical non-complex ETFs.",
    "confidence": 95
}