{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Industrial Goods & Services UCITS ETF (DE)",
    "investment_objective": "Track the performance of the STOXX\u00ae Europe 600 Industrial Goods & Services (Price Index) as closely as possible",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (18 European countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated equity ETF that tracks a broad European industrial goods & services index. The KIID and PRIIPs KID explicitly state the fund mostly invests in equities with at least 95% physical replication of the index. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only minimal use of derivatives for efficient portfolio management which does not trigger complexity classification. The fund does not employ leverage or inverse strategies. The risk profile is medium-high (5/7) reflecting equity market risk concentration but not complexity from structure. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with no performance fees or swap fees. There are no capital protection or structured features. Counterparty risk is limited to custodial and operational counterparties, typical for physical ETFs. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a standard sector index with quarterly rebalancing and free float market cap weighting, not a complex or leveraged index. Overall, the fund exhibits a clear, linear relationship to the underlying equity performance with transparent holdings and no structural complexity. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}