{
    "fund_name": "iShares S&P 500 Financials Sector UCITS ETF",
    "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 500 Capped 35/20 Financials Index, investing directly in equity securities that make up the index. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID and factsheet confirm the fund uses physical replication. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The risk profile is rated 7, which is relatively high but not indicative of complexity under MiFID II. The fund's objective is straightforward, and the underlying assets (equities) are liquid and transparent. The only potential complexity factor is the use of FDIs, but the factsheet clarifies this is for efficient portfolio management, not for leverage or synthetic replication. The fund is UCITS-compliant, which typically aligns with non-complex classification.",
    "confidence": 95
}