It's a little easier to see in this form:
=IF(ISERROR( INDEX(Rng1, MATCH(C4&D4, Rng2, 0), MATCH($G3, Rng3, 0) ) * 1000000 /
( INDEX(Rng1, MATCH(C4&E4, Rng2, 0), MATCH($G3, Rng3, 0) ) +
INDEX(Rng4, MATCH(C4&F4, Rng2, 0), MATCH($G3, Rng3, 0) ) ) / $AE$1), "",
MIN( (INDEX(Rng1, MATCH(C4&D4, Rng2, 0), MATCH($G3, Rng3, 0) ) * 1000000 /
(INDEX(Rng1, MATCH(C4&E4, Rng2, 0), MATCH($G3, Rng3, 0) ) +
INDEX(Rng4, MATCH(C4&F4, Rng2, 0), MATCH($G3, Rng3, 0) ) ) / $AE$1), 100%) )
... which could be replaced with something that looks like this:
=IFERROR( MIN(
(INDEX(Rng1, MATCH(C4&D4, Rng2, 0), MATCH($G3, Rng3, 0) ) * 1000000 /
(INDEX(Rng1, MATCH(C4&E4, Rng2, 0), MATCH($G3, Rng3, 0) ) +
INDEX(Rng4, MATCH(C4&F4, Rng2, 0), MATCH($G3, Rng3, 0) ) ) / $AE$1), 100%), "" )
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