{
    "fund_name": "iShares Edge MSCI World Minimum Volatility UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (minimum volatility strategy)",
        "Potential use of derivatives for efficient portfolio management (though not for leverage or inverse exposure)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or swaps. While it tracks a complex index (MSCI World Minimum Volatility), the underlying strategy is transparent and does not involve derivatives beyond what is typical for efficient portfolio management. The risk profile is rated 6, but this is primarily due to equity market risk rather than structural complexity. The ETF is UCITS-compliant, which further supports its non-complex classification. The use of derivatives, if any, appears to be for hedging or cost reduction rather than as an inherent part of the investment strategy. The PRIIPs KID and factsheet confirm the physical replication method and lack of leverage or inverse exposure.",
    "confidence": 90
}