{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange traded fund that aims to track the STOXX Europe 600 Oil & Gas Price Index by investing mostly in equities with at least 95% physical replication of the index. The KIID and PRIIPs KID explicitly state that the fund uses physical replication and does not intend to use leverage, although minimal leverage may arise from efficient portfolio management derivatives, which are not inherent to the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk beyond standard operational risk. The monthly factsheet confirms the fund uses a physical replication methodology and holds direct equity securities in the oil & gas sector, with no indication of complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7) reflecting sector concentration and market risk, not complexity from derivatives or leverage. Costs are straightforward with no performance fees or swap fees. There are no capital protection or structured features. No inverse or leveraged exposure is present. The fund\u2019s holdings are liquid, transparent equities from developed European markets. Therefore, under MiFID II criteria, the fund is classified as non-complex because it uses physical replication, has minimal derivative use only for risk management, no leverage, no synthetic structures, and invests in straightforward underlying assets."
}