{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, securities lending, and optimised physical replication",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking the MSCI World Minimum Volatility Index. It uses derivatives (FX forwards) for currency hedging, which is a common and limited use under UCITS rules. The fund may also engage in securities lending, which is standard and well-disclosed. The replication method is physical (optimised), not synthetic, and there is no significant leverage, embedded swaps, or inverse strategy. The index is transparent and the fundu2019s structure and risks are clearly explained in the KID. The use of derivatives is for risk management (currency hedging) and not central to the investment objective. Securities lending is a secondary feature, managed within UCITS rules, and does not dominate the risk profile. The fund does not hold complex bonds, structured products, or opaque indices. The risk indicator is high (5/7), but this reflects market volatility, not structural complexity.",
    "classification": "non-complex"
}