{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Factor-based index methodology",
        "Optimised replication techniques"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI Europe Momentum ETF is classified as non-complex under MiFID II based on the following analysis: The fund uses physical replication (as confirmed in the PRIIPs KID) and does not employ leverage, inverse strategies, or synthetic replication via swaps. While it uses optimised replication techniques and tracks a factor-based index, these do not trigger complexity under MiFID II. The fund's risk profile (rated 6) is consistent with equity investments, and the use of derivatives is limited to efficient portfolio management (e.g., securities lending). The underlying holdings are straightforward equities, and the fund's structure is transparent with daily liquidity. The absence of capital protection features, contingent bonds, or complex structured products further supports this classification. The PRIIPs KID does not contain a comprehension warning, and the fund's documentation clearly explains its investment strategy and risks.",
    "confidence": 95
}