{
    "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 ESG UCITS ETF EUR Hedged (Acc) is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index. It uses derivatives only for currency hedging (not for index replication), which is considered efficient portfolio management (EPM) under UCITS rules and does not introduce material counterparty or structural complexity. There is no evidence of embedded derivatives, synthetic replication, significant leverage, or other features that would make the product difficult for a retail investor with basic knowledge to understand. The ETFu2019s structure, risks, and objectives are straightforward and clearly disclosed, supporting a non-complex classification under MiFID II Article 57 and the UCITS presumption[1]. Securities lending is present but is a secondary feature, well-managed within UCITS limits, and does not dominate the risk profile. The absence of complex indices, contingent convertible bonds, or other opaque mechanisms further supports non-complexity."
}