{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P U.S. Banks UCITS ETF",
    "investment_objective": "To track the return of the S&P 900 Banks (Industry) 7/4 Capped Index through capital growth and income by investing in equity securities of U.S. banks.",
    "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 physically replicates the S&P 900 Banks (Industry) 7/4 Capped Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only to help achieve the investment objective, but this is not an inherent part of the strategy and is likely for risk management or efficient portfolio management, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-size U.S. bank equities, which are liquid and transparent. The risk profile is high (category 6 out of 7) due to sector concentration and equity market risk, not due to structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.35%, no performance fees, and some securities lending revenue sharing. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF is a straightforward, physical equity index tracker with no embedded complexity factors that would trigger a MiFID II complex classification."
}