{
    "fund_name": "iShares STOXX Europe 600 Basic Resources 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 Basic Resources UCITS ETF (DE) is a physically replicated ETF that tracks the STOXX Europe 600 Basic Resources Index. The KIID and factsheet indicate that the fund primarily invests directly in equities (at least 95% of assets) and does not employ synthetic replication, leverage, or inverse strategies. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management, this is a common practice for tracking error minimization and does not introduce material complexity. The fund has a straightforward investment objective, invests in liquid equities, and has a clear risk profile (rated 7 out of 7, but this is due to sector concentration rather than structural complexity). The absence of synthetic replication, leverage, or complex underlying assets supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": "The fund acknowledges counterparty risk in its KIID, but this is standard disclosure for UCITS funds and does not indicate material complexity.",
    "additional_notes": "The fund's use of derivatives is limited to efficient portfolio management (EPM), which is explicitly permitted under UCITS regulations and does not trigger complexity under MiFID II. The underlying index is a standard equity benchmark without embedded derivatives or complex structures."
}