{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX Europe 600 Health Care UCITS ETF (DE)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the STOXX Europe 600 Health Care 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 (EPM) derivative use, which is not considered inherent to the strategy and thus does not trigger complexity. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk beyond standard EPM usage. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in MiFID KIID but driven by sector concentration and equity market risk, not complexity). The fund invests directly in liquid, transparent equities in the European healthcare sector, with no capital protection or structured features. Costs are straightforward with a TER of 0.46%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication and no use of synthetic instruments or leverage. No complex underlying assets such as contingent convertible bonds or CLOs are held. There are no references to roll costs, contango, or backwardation effects. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}