{
    "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 500 Health Care Sector UCITS ETF is a UCITS-compliant ETF that physically replicates the S&P 500 Capped 35/20 Health Care Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund's passive management style with direct investment in equities, no synthetic replication or use of funded or unfunded swaps, and no leverage or inverse exposure. The fund may use financial derivatives only for direct investment purposes, but this is not an inherent part of the strategy and does not indicate complexity under MiFID II. The monthly factsheet confirms physical replication and no mention of swap usage or complex derivative strategies. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by sector concentration risk rather than structural complexity). There are no capital protection features, no structured products, no contingent bonds, and no leverage. Costs are straightforward with a TER of 0.15%, no performance fees, and no complex fee structures. Securities lending is used but revenue sharing does not increase costs and is standard practice. No complexity flags such as synthetic replication, leverage, contingent bonds, or capital protection mechanisms are present. Therefore, the ETF is classified as non-complex under MiFID II."
}