{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 GBP Hedged UCITS ETF",
    "investment_objective": "To track the return of the S&P 500 GBP Hedged Index, providing exposure to 500 large-cap US companies with currency hedging from USD to GBP.",
    "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 fund uses FX forward contracts solely for currency hedging purposes, not as an inherent part of the investment strategy, which does not trigger derivative complexity under MiFID II. There is no use of synthetic replication, total return swaps, or other derivative instruments for return generation. The fund is UCITS compliant, with a straightforward index-tracking objective and direct investment in liquid, transparent securities. The risk profile is medium-high (5/7) due to equity market exposure and currency hedging risks, but no leverage or complex structured products are involved. Costs are simple with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no synthetic or swap-based structures. Counterparty risk disclosures relate only to custodial and FX forward counterparties, typical for hedged ETFs, and do not indicate complexity. No capital protection or structured features are present. Overall, the fund's structure and documentation indicate a non-complex classification under MiFID II."
}