{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 Materials Sector UCITS ETF is a physically replicated fund that aims to track the S&P 500 Capped 35/20 Materials Index. It primarily invests in equity securities that make up the index, with no indication of leverage, inverse strategies, or significant derivative usage beyond potential securities lending for additional income. The fund's risk profile is rated 6 out of 7, but this is due to sector concentration risks rather than structural complexity. The KIID and factsheet confirm physical replication, straightforward index-tracking, and direct investment in liquid equities. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, there is no evidence of synthetic replication, leverage, or complex underlying assets. The counterparty risk mentioned is standard for UCITS funds and does not indicate complexity. The fund's transparency, liquidity, and straightforward investment strategy align with non-complex classification criteria.",
    "confidence": 95
}