{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Utilities Sector UCITS ETF USD (Acc)",
    "investment_objective": "To track the return of the S&P 500 Capped 35/20 Utilities Index through capital growth and income by investing in equity securities of the utilities sector.",
    "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 aims to replicate the S&P 500 Capped 35/20 Utilities Index by holding the underlying equity securities in similar proportions (physical replication). There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for risk management or direct investment purposes, but this is not an inherent part of the strategy and derivative exposure is minimal. There is no leverage, inverse or amplified exposure. The underlying assets are standard equity securities of large, liquid US utilities companies. The risk profile is medium-high (5 out of 7) due to sector concentration and equity market risk, not due to structural complexity. The fund is UCITS compliant, with a low ongoing charge (0.15%) and no performance fees. Securities lending is used but does not increase costs materially. No capital protection or structured features are present. Counterparty risk is disclosed but limited, mainly related to custodial and securities lending counterparties, not to synthetic replication. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or leverage. Overall, the fund is straightforward, with a clear, linear relationship to the underlying index performance, and minimal derivative use for risk management only. Therefore, under MiFID II, this ETF is classified as non-complex."
}