{
    "fund_name": "iShares S&P SmallCap 600 UCITS ETF USD (Dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P SmallCap 600 Index, with no mention of synthetic replication, swaps, or leverage. The KIID and PRIIPs documents confirm direct investment in 600 small-cap US companies, with no complex underlying assets or structured features. The risk profile is rated 7 (medium-high), but this is typical for equity ETFs and does not indicate complexity. The fund uses derivatives only for efficient portfolio management (e.g., optimising techniques), not for leverage or inverse exposure. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}