{
    "fund_name": "iShares S&P 500 Utilities Sector UCITS ETF USD (Acc)",
    "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 synthetic replication or swap usage",
        "Transparent underlying holdings (equities only)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 500 Capped 35/20 Utilities Index, which consists of equity securities from the utilities sector. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The fund's risk profile is rated as medium (6/7), but this is typical for equity ETFs and does not indicate complexity. The underlying index is a standard, transparent equity index with no complex features. The ETF's use of derivatives is limited to potential short-term secured lending for income generation, which is a common practice and does not trigger complexity under MiFID II. The PRIIPs KID and factsheet confirm the physical replication method and straightforward equity exposure.",
    "confidence": 95
}