{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI World Minimum Volatility UCITS ETF Hedged GBP Accumulating",
    "investment_objective": "To track the MSCI World Minimum Volatility Index, aiming for capital growth and income by investing in equity securities with lower volatility characteristics.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed countries worldwide",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Optimised index tracking with limited use of derivatives for currency hedging",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF investing primarily in equities of developed markets, tracking a minimum volatility equity index. The replication method is physical, using direct investment in underlying securities or representative sampling. The Fund uses financial derivative instruments (FDIs) only for currency hedging purposes, with expected limited use, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. Leverage or inverse exposure is not present. The risk profile is medium (4 out of 7 in PRIIPs KID), consistent with equity market exposure and factor concentration risk, but not indicative of complexity. Costs are straightforward with a TER of 0.35%, no performance fees, and no complex fee structures. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical replication and no synthetic or swap-based structures. The Fund is UCITS compliant, domiciled in Ireland, and regulated by the Central Bank of Ireland. No capital protection or structured features are present. The complexity arises only from the index methodology (minimum volatility factor focus), which is a common and transparent equity factor strategy, not from the Fund\u2019s structure or use of derivatives. Therefore, under MiFID II, this ETF is classified as non-complex."
}