{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Consumer Discretionary 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 Discretionary Index by holding the underlying equity securities in similar proportions (physical replication). There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. Derivatives may be used only for direct investment purposes or risk management, but not as an inherent element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure indicated. The fund invests directly in liquid, transparent equity securities within the consumer discretionary sector of the US market. The risk profile is medium-high (5 out of 7), reflecting equity market risk and sector concentration, but no complexity flags such as capital protection, structured features, or complex underlying assets are present. The costs are straightforward with a low ongoing charge (0.15%) and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}