{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Edge MSCI Europe Minimum Volatility Advanced UCITS ETF EUR (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Optimised index tracking with derivative use for efficient portfolio management",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF tracking the MSCI Europe Minimum Volatility Advanced Select Index. It uses physical replication with an optimised sampling approach to replicate the index, investing directly in equity securities. The KIID and PRIIPs KID mention the possible use of financial derivative instruments (FDIs), including FX forwards, but only for direct investment purposes and portfolio optimisation, not as a fundamental part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator in the KIID is 6 (on a scale of 1-7), reflecting equity market risk and concentration risk, but this is typical for minimum volatility equity funds and does not imply complexity under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or complex derivatives. The fund engages in short-term securities lending, but this is a common practice and does not add complexity. There are no capital protection or structured product features. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The PRIIPs KID classifies the risk as medium (4/7), lower than the KIID, and does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s use of derivatives is limited to risk management and optimisation, not inherent to the strategy, and the replication is physical. Therefore, it does not meet the MiFID II criteria for a complex financial instrument."
}