{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Communication Sector UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the S&P 500 Capped 35/20 Communication Services Index by investing directly in the equity securities that make up the index, using physical replication. The KIID and PRIIPs KID explicitly state the Fund intends to replicate the index by holding the underlying equities in similar proportions. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. Derivatives may be used only for risk management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (5 out of 7) reflecting equity market risk and sector concentration, but not complexity from structure or instruments. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward portfolio of large-cap US communication sector equities. Costs are simple with a TER of 0.15%, no performance fees, and no complex fee structures. There are no complex underlying assets such as contingent convertible bonds or CLOs. Counterparty risk is limited to custodial and securities lending counterparties, with no significant derivative counterparty exposure. No complexity flags such as capital protection, structured returns, or leverage are present. Overall, the ETF is a standard physical equity UCITS ETF with a clear, linear investment objective and transparent holdings, thus classified as non-complex under MiFID II."
}