{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Index capping"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares S&P U.S. Banks UCITS ETF aims to track the S&P 900 Banks (Industry) 7/4 Capped Index through physical replication. This means it invests directly in the underlying equity securities of companies within the index. The KIID states that the fund aims to invest in equity securities that make up the index. Physical replication is generally considered non-complex. The index itself is a free-float adjusted market capitalization weighted index with caps of 7% and 4% on constituents. While index capping adds a layer of complexity to the index methodology compared to a simple market-cap weighted index, it does not inherently make the ETF's structure or payoff complex for a retail investor. The fund also engages in short-term secured lending of its investments to generate additional income, which is a common practice for UCITS ETFs and does not typically render them complex. The KIID does not indicate the use of derivatives for replication or investment objectives. The risk profile is rated as 7, but this reflects market risk rather than structural complexity. Given the physical replication of a listed equity index, the absence of embedded derivatives, and the generally understandable nature of equity investments for a retail investor, the ETF is classified as non-complex. The reference to 'Counterparty Risk' in the KIID's 'Particular risks not adequately captured by the risk indicator' section, while present, is a general risk disclosure applicable to many financial instruments and does not imply the ETF's primary strategy relies on complex derivative structures with significant counterparty exposure."
    }
}