{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 3% Capped UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index. It primarily holds the underlying securities of the index in similar proportions, with no indication that derivatives are used as a core part of the investment strategy. The use of financial derivative instruments (FDIs) is explicitly stated to be for efficient portfolio management (EPM) purposes only, not for direct investment or synthetic replication. Securities lending is disclosed as a secondary activity, managed within UCITS rules and not materially increasing risk or opacity. There is no significant leverage, no embedded derivatives, and no complex features such as contingent convertible bonds, swaps, or complex indices. The structure, risks, and objective are straightforward and easily understood by retail investors with basic knowledge. All these factors align with the MiFID II presumption that UCITS ETFs are non-complex unless specific complex features are present, which is not the case here[1][2]. The absence of any complex factors overrides the general UCITS presumption, confirming a non-complex classification."
}