{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares S&P 500 Consumer Discretionary USD (Acc) is a UCITS ETF that tracks a transparent, well-diversified equity index (S&P 500 Capped 35/20 Consumer Discretionary Index) using physical replicationu2014holding the underlying securities in similar proportions to the index. There is no evidence of significant derivative use for investment purposes (only possible limited use for efficient portfolio management, which does not trigger complexity under MiFID II for UCITS ETFs[1]). The ETF does not employ leverage, swaps, inverse strategies, or complex structured products. Securities lending is disclosed as a secondary activity, managed within UCITS rules, and does not dominate the risk profile. The index is straightforward, with no complex or opaque features. All these elements align with the presumption that UCITS ETFs are non-complex under MiFID II, provided they do not employ complex strategies or hold complex underlying assets[1][2]. No comprehension alert is indicated or required."
}