{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) is a UCITS-compliant ETF that aims to replicate the S&P 500 Equal Weight Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID confirm that the fund uses physical replication and direct investment in equities, with derivatives (including FX forwards) used only for currency hedging purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7), reflecting equity market risk and some counterparty risk related to safekeeping and derivative counterparties, but this is typical for physical equity ETFs with currency hedging. Costs are straightforward with no performance fees or swap fees, and securities lending is disclosed with revenue sharing but does not add complexity. The PRIIPs KID includes a caution that the product is 'not simple and may be difficult to understand,' which is a standard regulatory warning for equity ETFs with currency hedging, but no structural complexity is evident. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF exhibits none of the key complexity indicators under MiFID II such as synthetic replication, leverage, complex underlying assets, or capital protection features. Therefore, it is classified as non-complex."
}