{
    "fund_name": "iShares STOXX Europe 600 Basic Resources UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated UCITS-compliant ETF that tracks the STOXX Europe 600 Basic Resources index. It invests directly in equities of companies in the European Basic Resources sector, with no mention of synthetic replication, swaps, or leverage. The fund's risk profile is rated 7 (out of 7), but this is typical for equity ETFs and does not indicate complexity. The use of derivatives is limited to 'efficient portfolio management purposes' and does not appear to be a core part of the investment strategy. The fund is transparent, liquid, and suitable for retail investors. The PRIIPs KID and factsheet confirm the physical replication method and lack of complex derivative strategies.",
    "confidence": 95,
    "counter_argument": "One could argue that the risk rating of 7 might suggest complexity, but this is standard for equity ETFs and does not indicate structural complexity. The lack of derivative usage beyond EPM and the physical replication method confirm the non-complex classification.",
    "overriding_reason": "The fund's physical replication, lack of leverage or inverse strategies, and straightforward equity investment strategy clearly indicate that it is non-complex under MiFID II."
}