{
    "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 EM Minimum Volatility Advanced UCITS ETF is a UCITS-compliant equity ETF that aims to track the MSCI EM Minimum Volatility Advanced Select Index. The fund uses physical replication methods, investing directly in equity securities that make up the index or close substitutes, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm the use of 'optimising techniques' which may include financial derivative instruments (FDIs) but only for direct investment purposes, not as an inherent element of the strategy, and no funded or unfunded swap structures or counterparty risk beyond normal custodial risk are disclosed. The monthly factsheet explicitly states the product structure as 'Physical' and does not mention any leverage, inverse exposure, or capital protection features. The risk rating is moderate (4 out of 7 in PRIIPs KID, 5 in KIID but consistent with equity market risk), with no leverage or amplified returns. Costs are straightforward with a TER of 0.40%, no performance fees, and securities lending revenue sharing disclosed but not increasing costs. No complex underlying assets such as contingent convertible bonds or CLOs are held; the portfolio consists of emerging market equities with ESG and minimum volatility screening. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use for risk management rather than strategy, no leverage, and physical replication, leading to a non-complex classification under MiFID II."
}