{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Health Care 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 Health Care Index by holding the underlying equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs KID confirm the use of financial derivative instruments (FDIs) only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund is UCITS compliant and uses a straightforward index-tracking approach with direct investment in liquid equity securities of the healthcare sector. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by sector concentration and equity market risk, not complexity). There is no leverage, inverse or amplified exposure. Costs are simple with a TER of 0.18%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or leverage. The fund uses short-term securities lending to generate additional income, which is common and not a complexity driver. No capital protection or structured features are present. Overall, the fund is transparent, linear in performance, and suitable for retail investors without requiring specific investment knowledge related to complex instruments."
}