{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 Health Care Sector UCITS ETF is a physically replicated ETF that tracks the S&P 500 Capped 35/20 Health Care Index. The KIID and PRIIPs documents confirm that the fund uses physical replication by holding the underlying equity securities in similar proportions to the index. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs document explicitly states that the product structure is 'Physical'. The fund does not employ leverage, inverse strategies, or synthetic replication methods. The underlying index is composed of large, liquid U.S. healthcare companies, and the fund's risk profile is rated as medium to high, which is typical for equity-based investments. The fund's use of derivatives, if any, is likely limited to efficient portfolio management (e.g., hedging or reducing transaction costs) rather than for complex strategies. The fund's transparency, liquidity, and straightforward investment objective align with the characteristics of a non-complex financial instrument under MiFID II.",
    "confidence": 95
}