{
    "fund_name": "iShares MSCI USA Quality Dividend Advanced UCITS ETF USD (Dist)",
    "isin": "IE00BKM4H312",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "confidence": 95,
    "supporting_data": "The ETF uses physical replication to track the MSCI USA High Dividend Yield ESG Reduced Carbon Target Select Index, with no leverage, inverse exposure, or synthetic replication via swaps. While it mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The risk profile is rated 6 (medium-high), but this aligns with the inherent risks of equity investing. The fund's holdings are transparent (top 10 holdings disclosed), and the index methodology is straightforward. No capital protection, structured features, or complex underlying assets (e.g., CoCos, CLOs) are mentioned. The PRIIPs KID and factsheet confirm physical replication and no swap usage. The only potential complexity factor is the ESG optimization process, but this does not meet MiFID II's criteria for complexity. The fund is UCITS-compliant, further supporting its non-complex classification."
}