{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core S&P 500 UCITS ETF GBP Hedged (Dist) Share Class",
    "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 Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the use of physical replication and direct investment in underlying equities. The fund is UCITS compliant. While the fund uses financial derivative instruments (FDIs), these are solely for currency hedging purposes (FX forward contracts) and possibly short-term secured lending to offset costs, not for synthetic replication or leverage. There is no mention of swap agreements, total return swaps, or derivative instruments used for replication. No leverage or inverse exposure is present. The risk profile is medium-high (5 out of 7) due to equity market exposure and currency hedging risks, but this does not imply complexity under MiFID II. The fund holds liquid, large-cap US equities, with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a low ongoing charge (0.10%) and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of synthetic structures or leverage. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, the fund is classified as non-complex under MiFID II."
}