{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core S&P 500 UCITS ETF USD (Dist)",
    "investment_objective": "To track the return of the S&P 500 index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the core investment strategy. Derivatives may be used only for efficient portfolio management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5 out of 7), reflecting equity market risk rather than structural complexity. The fund is UCITS compliant, has a low ongoing charge (0.07%), and does not charge performance fees. The monthly factsheet confirms the physical replication methodology and no use of swaps or complex underlying assets. The underlying assets are large-cap, liquid US equities, with no exposure to complex bonds or structured products. Counterparty risk disclosures relate only to standard operational risks, not to synthetic structures. No complexity flags such as contingent bonds, leverage, or capital protection mechanisms are present. Therefore, the ETF is classified as non-complex under MiFID II."
}