{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 EUR Hedged UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the S&P 500 EUR Hedged index by physically holding the underlying equity securities in similar proportions to the index, as confirmed by the KIID and the factsheet stating 'Physical' replication. The Fund uses FX forward contracts for currency hedging, which are derivative instruments used solely for risk management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. 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 and currency hedging risk, but not complexity from derivatives or leverage. Costs are straightforward with a TER of 0.20%, no performance fees, and no complex fee structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms direct investment in 500 large-cap US companies and monthly currency hedging via FX forwards, consistent with physical replication and non-complex structure. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}