{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI Europe Minimum Volatility UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF tracking the MSCI Europe Minimum Volatility Index using physical replication. The KIID and PRIIPs KID confirm the fund invests directly in equity securities, with no mention of synthetic replication, swap agreements, or derivative instruments as part of the core strategy. The fund uses 'optimising techniques' which may include limited use of financial derivative instruments for direct investment purposes, but this is not inherent to the strategy and derivatives are not used for leverage or synthetic exposure. The monthly factsheet explicitly states the product structure as 'Physical' and shows direct holdings in 174 equity securities, with no indication of complex underlying assets such as contingent convertible bonds or structured products. There is no leverage, inverse exposure, or capital protection features. The risk indicator is medium (4 out of 7 in KIID, 4 out of 7 in PRIIPs), consistent with equity market risk but not indicative of complexity. Counterparty risk disclosures relate to normal operational risks (e.g. safekeeping, securities lending) and do not imply synthetic exposure or funded/unfunded swaps. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. No complexity warnings or comprehension warnings appear in the PRIIPs KID. The fund\u2019s strategy is transparent, linear, and based on direct equity investment with an optimised sampling approach to track a minimum volatility index. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}