{
    "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 World Minimum Volatility UCITS ETF is a UCITS-compliant ETF that aims to track the MSCI World Minimum Volatility Index by investing primarily in equity securities. The fund uses physical replication with optimising techniques, including strategic selection of securities, but does not rely on synthetic replication or swap agreements. The KIID and PRIIPs KID explicitly state that the use of financial derivative instruments (FDIs) is expected to be limited and primarily for direct investment purposes, not as an inherent element of the strategy. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet confirms the product structure as physical replication and does not indicate any leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market volatility and factor concentration, not complexity). Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent equity securities, and does not use leverage or synthetic replication. Therefore, under MiFID II, it is classified as non-complex."
}