{
    "fund_name": "iShares STOXX Europe 600 Health Care 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 Health Care UCITS ETF (DE) is a physically replicated ETF that aims to track the performance of the STOXX Europe 600 Health Care 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 explicitly stated as not being for leverage or synthetic replication purposes. The fund has no leverage, no inverse exposure, and no complex underlying assets. The risk profile is straightforward, with risks primarily related to sector concentration and equity market movements. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of synthetic replication, leverage, or complex derivatives usage, combined with the straightforward physical replication strategy, supports the classification as non-complex under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": "The fund acknowledges counterparty risk related to services such as safekeeping of assets or acting as counterparty to derivatives, but this is a standard disclosure for UCITS funds and does not indicate complexity in this context.",
    "additional_notes": "The fund's use of derivatives is limited to efficient portfolio management, which is explicitly permitted under MiFID II without triggering complexity. The fund's risk profile, while rated at 6, is due to sector concentration rather than structural complexity. The fund's transparency, liquidity, and straightforward replication method further support the non-complex classification."
}