{
    "success": true,
    "data": {
        "complex": "non-complex",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "supporting_data": "The iShares STOXX Europe 600 Health Care UCITS ETF is a passively managed exchange-traded fund (ETF) that tracks the STOXXu00ae Europe 600 Health Care (Price Index). The fund primarily invests in equities, with at least 95% of its assets matching the index's weighting, indicating physical replication. The KIID explicitly states that it is not the Investment Manager's intention to leverage the fund, although minimal leverage may be generated from time to time for efficient portfolio management. The index itself comprises 600 of the largest stocks across 18 European countries and is rebalanced quarterly with components weighted by free float market capitalization. The fund's objective and investment policy are straightforward. There is no mention of embedded derivatives, complex underlying assets, or structured products. The risk indicator is rated six, which reflects market risk of equities, not structural complexity. According to MiFID II regulations, UCITS ETFs are generally presumed non-complex. Physical replication of a transparent equity index, without significant derivative use or leverage, aligns with the criteria for a non-complex financial instrument. The structure, risks, and payoff are considered understandable by a retail investor with basic knowledge.",
        "classification": "non-complex"
    }
}