{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Consumer Staples Sector USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the S&P 500 Capped 35/20 Consumer Staples Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or derivative instruments used as an inherent part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for investment purposes, this is not indicated as a core strategy element but rather as a potential tool, and the derivative exposure is minimal and not leveraged. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by sector concentration risk rather than complexity), and there are no capital protection or structured features. Costs are straightforward with a low ongoing charge (0.15%) and no performance fees. The monthly factsheet confirms physical replication, direct equity holdings, no use of swaps or synthetic structures, and no leverage. Counterparty risk is mentioned only in the context of securities lending and custodial arrangements, which is standard and does not elevate complexity. There are no complexity flags such as capital guarantees, barrier options, or complex derivative strategies. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}