{
    "fund_name": "iShares S&P 500 3% Capped UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward equity index",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No complex underlying assets (e.g., CoCos, AT1 bonds, CLOs)",
        "No significant counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 500 3% Capped Index, which is a straightforward equity index. The KIID and fact sheet confirm that the fund invests directly in the equity securities that make up the index, with no mention of synthetic replication, swaps, or derivatives. The risk profile is rated 7 (out of 7), but this is typical for equity ETFs and does not indicate complexity. The only derivative-related mention is the potential use of financial derivative instruments (FDIs) for direct investment purposes, but this is not a complexity trigger under MiFID II if used for efficient portfolio management. The fund also engages in securities lending, but this is a common practice and does not contribute to complexity. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}