{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Edge MSCI USA Minimum Volatility ESG UCITS ETF is a UCITS-compliant equity ETF that aims to track the MSCI USA Minimum Volatility ESG Reduced Carbon Target Index. The fund uses physical replication, investing directly in equity securities that make up the index or close substitutes, with only limited and incidental use of financial derivative instruments (FDIs) for direct investment purposes, not as a core element of the strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, and 6 in the KIID which is consistent with equity market risk and ESG screening but not complexity). The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The index tracked is a minimum volatility ESG index, which involves optimization and ESG screening but does not involve complex structured products or contingent bonds. No leverage or inverse terms are present. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. There is no PRIIPs comprehension warning or complexity flag. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}