{
    "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, with no leverage, inverse exposure, or synthetic replication via swaps. The underlying index is composed of large and mid-cap US equities selected for quality characteristics (high earnings allocation to shareholders, low debt, and stable earnings). The fund's risk profile is rated 6 (medium-high), but this is typical for equity ETFs. The KIID and PRIIPs documents confirm physical replication and direct investment in equities, with no mention of complex derivatives or structured products. The fund's use of derivatives is limited to 'financial derivative instruments (FDIs) for direct investment purposes to produce a similar return to its Index,' which aligns with efficient portfolio management rather than complex strategies. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}