{
    "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 Top 20 UCITS ETF aims to replicate the S&P 500 Top 20 Select 35/20 Capped Index by investing directly in the equity securities that make up the index, using physical replication as confirmed in the factsheet. The KIID and PRIIPs KID documents state that financial derivative instruments (FDIs) may be used only for investment purposes or currency hedging, not as an inherent part of the investment strategy, implying derivatives usage is limited and not structural. There is no mention of synthetic replication, swap agreements, or counterparty risk 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 CLOs. The risk profile is medium-high (5 out of 7) reflecting equity market risk concentration but not complexity from structural features. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing is disclosed and does not increase fund costs. The fund is UCITS compliant, domiciled in Ireland, and uses a transparent, physical replication methodology. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure and investment approach align with a non-complex classification under MiFID II."
}