{
    "fund_name": "iShares STOXX Europe 600 Banks UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX Europe 600 Banks UCITS ETF (DE) is a physically replicated ETF that tracks the STOXX Europe 600 Banks Index. It does not use synthetic replication, leverage, or inverse strategies. The KIID explicitly states that the fund mostly invests in equities to achieve its investment objective, with a duplication percentage of at least 95% of the fund's assets. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management, this is not a primary strategy and does not introduce significant complexity. The fund's risk profile is primarily driven by sector concentration in the banking industry, which is clearly disclosed. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of complex features such as leverage, inverse exposure, or synthetic replication supports the classification as non-complex.",
    "confidence": 95
}