{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI World Value Factor UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index. It uses derivatives only for efficient portfolio management (EPM), not as a core part of its investment strategy, and such use is explicitly described as limited. The ETF does not employ leverage, swaps, or synthetic replication, and there is no evidence of embedded derivatives, contingent convertible bonds, or other complex features. The structure, risks, and investment objective are straightforward and easily understood by retail investors with basic knowledge. All UCITS are automatically non-complex under MiFID II unless they are structured UCITS or fail the Article 57 criteriau2014neither applies here. The ETFu2019s risk profile is driven by market volatility and factor concentration, not by structural complexity. Securities lending is present but is a secondary, well-managed feature within UCITS rules and does not dominate the risk profile. The index is transparent and the ETFu2019s documentation is comprehensive and clear, supporting a non-complex classification."
}