{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Food & Beverage UCITS ETF (DE)",
    "investment_objective": "Passive replication of the STOXX Europe 600 Food & Beverage Price Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (18 countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the STOXX Europe 600 Food & Beverage Price Index by investing mostly in equities with at least 95% physical replication of the index components. The fund is UCITS compliant and uses physical replication, not synthetic replication or swaps. The KIID and PRIIPs KID confirm that derivatives may be used only minimally and solely for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to sector concentration, not complexity). The fund invests directly in liquid, transparent equity securities of large European companies in the Food & Beverage sector. The monthly factsheet confirms physical replication and no use of swaps or complex derivatives. No capital protection or structured features are present. Costs are straightforward with a TER of 0.46%, no performance fees, and no swap or derivative fees. Counterparty risk is disclosed as a standard risk related to safekeeping and minimal derivative use but is not significant. No complexity flags such as contingent bonds, leverage, synthetic replication, or structured products are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}