{
    "fund_name": "iShares S&P U.S. Banks UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a sector-specific index",
        "Potential securities lending activities",
        "Concentration risk in banking sector"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 900 Banks (Industry) 7/4 Capped Index, which consists of equity securities from U.S. banks. While it mentions the potential use of derivatives for direct investment purposes, there is no indication of synthetic replication, leverage, or inverse strategies. The fund's primary risk factors are sector concentration and equity market volatility, which are typical for equity ETFs. The PRIIPs KID and factsheet confirm the physical replication method and lack of complex derivative strategies. The only potential complexity factor is the securities lending activity, but this is a common practice in many ETFs and does not typically trigger a 'complex' classification under MiFID II.",
    "confidence": 95
}