{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Telecommunications 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 physical replication fund that aims to track the STOXX Europe 600 Telecommunications Price Index by investing mostly in equities with at least 95% duplication of the index. There is no indication of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund does not intend to use leverage, and any minimal leverage arising from financial derivative instruments is solely for efficient portfolio management, not as an inherent part of the strategy, thus derivatives are considered false for complexity purposes. The risk profile is medium (4 out of 7 in PRIIPs KID), which is typical for equity sector funds and does not indicate complexity. The fund invests directly in liquid, transparent securities from the European telecommunications sector, with no exposure to complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with a TER of 0.46% and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms, leading to a non-complex classification."
}