{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Industrials Sector UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P 500 Capped 35/20 Industrials Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. The Fund may use financial derivatives only to help achieve the investment objective, but this is not a core element of the strategy and derivatives are not used extensively. The monthly factsheet confirms the product structure as 'Physical' and shows direct investment in leading U.S. industrial companies. There is no leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7), consistent with equity sector concentration risk, but not indicative of complexity due to derivatives or leverage. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.15%) and no performance fees. Counterparty risk is disclosed but limited, typical for UCITS ETFs engaging in securities lending and custodial arrangements. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF is a straightforward, physical replication equity ETF with minimal derivative use for risk management, no leverage, no swaps, and no complex underlying assets, thus classified as non-complex under MiFID II."
}