{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI USA Value Factor UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index (MSCI USA Enhanced Value Index). It primarily invests in the underlying equities of the index, with no evidence of synthetic replication, significant derivative use, leverage, swaps, or inverse strategies. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management (EPM), such use is not central to the investment objective and is limited in scope, with no indication that it materially increases complexity or risk beyond standard market exposure. The fund may engage in securities lending, but this is a common, well-regulated practice within UCITS and does not, by itself, render the ETF complex. The risk profile is driven by market volatility and factor concentration, not by structural complexity. The structure, risks, and investment objective are straightforward and can be understood by retail investors with basic knowledge. There is no indication of embedded derivatives, contingent convertible bonds, complex indices, or other features that would trigger a complex classification under MiFID II Article 57 or ESMA guidelines. All UCITS are presumed non-complex unless specific complex features are present, which is not the case here[1][2]. Therefore, this ETF is classified as non-complex."
}