{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 ESG UCITS ETF EUR Hedged (Acc)",
    "investment_objective": "To achieve a return reflecting the S&P 500 ESG Index through capital and income returns by investing primarily in equity securities of the Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (S&P 500 companies)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the S&P 500 ESG Index by holding equity securities in similar proportions to the index. The KIID and PRIIPs documents confirm the use of physical replication with no mention of synthetic replication or swap agreements. Derivatives are used only for currency hedging (FX forwards) and not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk rating is 5 out of 7, reflecting medium-high market risk typical of equity ETFs, but not complexity. The fund is UCITS compliant, with a straightforward index-tracking objective investing in liquid, transparent equity securities. The fund does engage in securities lending, but this is a common practice and does not add complexity under MiFID II. No capital protection or structured features are present. Counterparty risk disclosures relate mainly to custodial and FX forward counterparties, which is standard and limited. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of large-cap US equities with ESG screening. No complex underlying assets such as contingent convertible bonds or CLOs are held. The hedging strategy uses FX forwards solely to reduce currency risk and does not introduce complexity. No leverage or inverse exposure is present. The cost structure is simple with a low ongoing charge (0.10%) and no performance fees. Overall, the ETF is non-complex under MiFID II criteria."
}