{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for direct investment purposes"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 3% Capped UCITS ETF primarily uses physical replication to track its benchmark index, investing directly in the underlying equity securities. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication of synthetic replication, leverage, or complex underlying assets. The derivatives are not used for leverage or to create significant additional risk but rather as a supplementary tool for achieving the investment objective. The risk profile is rated 7, which is typical for equity ETFs and does not inherently indicate complexity. The fund is UCITS-compliant, which imposes strict regulatory safeguards, and there are no mentions of capital protection mechanisms, structured features, or illiquid securities. The counterparty risk is disclosed but is a standard risk for funds using derivatives minimally. The fund's transparency, liquidity, and straightforward investment strategy align with non-complex characteristics under MiFID II.",
    "confidence": 90
}