{
    "fund_name": "iShares S&P 500 Consumer Discretionary USD (Acc) Share Class",
    "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 Consumer Discretionary Index, investing directly in equity securities that make up the index. While it mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID explicitly states the product structure is 'Physical'. There is no indication of synthetic replication, leverage, inverse exposure, or complex structured products. The risk profile is rated 7 (out of 7), but this appears to be a standard risk rating for equity ETFs and does not indicate complexity. The ETF is UCITS-compliant, which typically implies a higher standard of transparency and suitability for retail investors. The use of derivatives, if any, appears to be for efficient portfolio management rather than as an inherent element of the strategy. The underlying index tracks large-cap US equities in the consumer discretionary sector, which are straightforward and liquid assets. The ETF's objective is to replicate the index performance, and there are no capital protection mechanisms or structured features mentioned. The risk disclosures are standard for equity investments and do not suggest complexity beyond typical market risks.",
    "confidence": 95
}