{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Utilities 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 physically replicates the STOXX Europe 600 Utilities Price Index by investing mostly in equities with at least 95% duplication of the index. There is no indication of synthetic replication or use of swap agreements or total return swaps. The fund prospectus and factsheet confirm physical replication and direct investment in underlying securities. Leverage is not intended and only minimal leverage may arise from efficient portfolio management derivatives, which are used solely for risk management and not as an inherent part of the investment strategy, thus derivatives are marked false. There is no mention of inverse or leveraged exposure. The underlying assets are equities in the European utilities sector, which are liquid and transparent. No capital protection or structured features are present. The risk indicator is medium (4 out of 7) in the PRIIPs KID, consistent with equity market risk, not complexity. Costs are straightforward with a TER of 0.46% and no performance fees or swap fees. Counterparty risk is disclosed but limited to custodial and operational counterparties, typical for physical ETFs. No complexity warnings or comprehension warnings appear in the PRIIPs KID. The factsheet confirms physical replication, no use of swaps, and direct equity holdings. Therefore, the ETF does not meet MiFID II criteria for complex financial instruments."
}