{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI EM Value Factor UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication to track the MSCI EM Select Value Factor Focus Index, as confirmed by the KIID and fact sheet. 2) The fund does not employ leverage, inverse strategies, or synthetic replication methods involving swaps or derivatives. 3) The underlying index is composed of large- and mid-cap equities from emerging markets, selected based on value characteristics (price-to-earnings, price-to-book, and enterprise value-to-cash flow ratios), which are straightforward and transparent. 4) The fund's risk profile (rated 6) is primarily driven by equity market volatility and emerging market risks, which are well-understood by retail investors. 5) The fund's use of derivatives is limited to efficient portfolio management (e.g., securities lending for cost reduction), not for complex strategies or risk amplification. 6) The fund is UCITS-compliant, adhering to strict transparency and investor protection standards. The fact sheet confirms the fund holds 156 individual equities, with no mention of derivative instruments or swap agreements. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}