{
    "fund_name": "iShares STOXX Europe 600 Construction & Materials 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 classified as non-complex under MiFID II for the following reasons:1. Physical replication method: The fund uses physical replication to track the STOXX Europe 600 Construction & Materials index, with at least 95% of assets matching the index weighting.2. No leverage or inverse exposure: The fund does not employ leverage or inverse strategies, and explicitly states it is not the investment manager's intention to leverage the fund.3. Minimal derivative usage: While the fund may use financial derivative instruments (FDIs) for efficient portfolio management, this is limited and does not create significant additional risk or complexity.4. Transparent and liquid underlying assets: The fund invests in equities of companies in the European Construction & Materials sector, which are generally liquid and transparent.5. Clear risk profile: The fund's risk profile is rated as medium (risk level 6 out of 7), which is typical for equity funds and easily understandable by retail investors.6. UCITS compliance: The fund is UCITS-compliant, which inherently imposes strict regulatory requirements on complexity and risk management.The fund's use of derivatives is limited to efficient portfolio management and does not trigger complexity under MiFID II. The overall structure is straightforward, with a clear investment objective and transparent underlying assets.",
    "confidence": 95
}