{
    "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 U.S. Banks UCITS ETF aims to track the S&P 900 Banks (Industry) 7/4 Capped Index by investing directly in the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk. The Fund may use financial derivatives only to help achieve the investment objective, but this is not an inherent element of the strategy and is likely for risk management or efficient portfolio management, thus derivatives are marked false. The monthly factsheet confirms the product structure as physical replication with no indication of synthetic or swap-based replication. There is no leverage, inverse or amplified exposure language. The risk profile is high (category 6 out of 7) due to sector concentration and equity market risk, not due to structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.35%, no performance fees, and no swap or derivative fees disclosed. The underlying assets are large and mid-size U.S. banks' equities, which are liquid and transparent. The PRIIPs KID does not include any comprehension warnings or complexity flags beyond normal equity risk. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}