{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge S&P 500 Minimum Volatility USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the S&P 500 Minimum Volatility Index by investing primarily in equity securities of large-cap U.S. companies. The fund uses physical replication with optimising techniques, including strategic selection of securities, but does not rely on synthetic replication or swap agreements. The KIID and PRIIPs KID documents confirm that derivatives (including FX forwards) may be used for direct investment purposes or risk management but are not an inherent part of the investment strategy, and no funded or unfunded swap structures or counterparty risk from swaps are disclosed. The monthly factsheet explicitly states the product structure as 'Physical' and shows direct holdings in equities with no mention of synthetic replication or leverage. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk, not complexity). Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate to custodial and securities lending counterparties, not derivative counterparties. The index tracked is a minimum volatility index, which is a relatively standard equity index with a volatility-based selection methodology, not a complex or contingent bond index. No references to complex underlying assets such as contingent convertible bonds, CLOs, or structured products are found. Therefore, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}