{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 3% Capped UCITS ETF aims to replicate the S&P 500 3% Capped Index by investing directly in the equity securities that make up the index, using physical replication as confirmed by the factsheet. The KIID and PRIIPs KID documents state that derivatives may be used only for investment purposes or risk management, but there is no indication that derivatives or swaps are an inherent part of the investment strategy. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is medium-high (5 out of 7), reflecting equity market risk rather than complexity. The fund is UCITS compliant, with a straightforward index-tracking objective, investing in liquid, transparent equity securities. No complex underlying assets such as contingent convertible bonds or CLOs are held. The fund engages in securities lending to offset costs, but this does not increase complexity. No references to synthetic replication, funded or unfunded swaps, or counterparty risk beyond normal custodial risk are present. The total expense ratio is low (0.20%) with no performance fees or complex fee structures. The factsheet confirms physical replication and no use of swaps. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}