{
    "fund_name": "iShares STOXX Europe 600 Telecommunications UCITS ETF (DE)",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX Europe 600 Telecommunications UCITS ETF (DE) is a physically replicated ETF that aims to track the performance of the STOXX Europe 600 Telecommunications Index. The KIID and factsheet indicate that the fund primarily invests directly in equities, with at least 95% of its assets matching the index weighting. 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 does not employ leverage, inverse strategies, or synthetic replication. The risk profile is clearly disclosed, and the fund is UCITS-compliant, which imposes strict diversification and transparency requirements. The absence of complex features such as leverage, inverse exposure, or significant derivative usage supports the classification as non-complex.",
    "confidence": 95
}