{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge S&P 500 Minimum Volatility USD (Dist) Share Class",
    "investment_objective": "To track the performance of the S&P 500 Minimum Volatility Index, which selects large-cap US equities with lower volatility characteristics.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication ETF investing directly in equity securities that make up the S&P 500 Minimum Volatility Index or similar securities. The KIID and PRIIPs KID documents confirm the use of physical holdings with no mention of synthetic replication or swap agreements. The fund uses optimisation techniques and may use financial derivative instruments (FDIs) for direct investment purposes, but these are not inherent to the strategy and are used for efficient portfolio management, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID is 6 (on a scale of 1-7), reflecting equity market risk and volatility of the underlying index, but this is typical for equity ETFs and does not imply complexity under MiFID II. The PRIIPs KID risk indicator is 4/7, medium risk, consistent with equity exposure. The fund engages in securities lending, but this is disclosed and does not add complexity. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and direct investment in large-cap US equities. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are held. The fund tracks a well-known, transparent index with a clear methodology. No significant counterparty risk beyond normal custodial risk is disclosed. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Overall, the ETF exhibits a straightforward, physical, index-tracking strategy with no synthetic replication, leverage, or complex underlying assets, leading to a non-complex classification under MiFID II."
}