{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) is classified as non-complex under MiFID II. While it uses derivatives (FX forwards for currency hedging and potentially for efficient portfolio management), these are standard practices in UCITS-compliant ETFs and do not introduce significant complexity. The fund primarily uses physical replication, which is a non-complex indicator. The use of derivatives is limited to hedging and does not involve leverage, inverse exposure, or synthetic replication. The underlying index (S&P 500 Equal Weight) is straightforward, and the fund's risk profile is easily understandable. The securities lending activity is disclosed and does not introduce additional complexity beyond what is typical for ETFs. The fund's risk rating (6) is within the typical range for equity ETFs and does not indicate complexity. The PRIIPs KID and factsheet confirm the physical replication method and the absence of complex structures. The only potential complexity factors are the currency hedging and securities lending, but these are standard practices and do not trigger a complex classification under MiFID II.",
    "confidence": 90
}