{
    "fund_name": "iShares STOXX Europe 600 Industrial Goods & Services UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication",
        "Direct equity investment",
        "No leverage or inverse exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the STOXX Europe 600 Industrial Goods & Services index, investing directly in equities. There is no mention of synthetic replication, swaps, or leverage. The fund's risk profile is rated as medium (level 6 on a 7-point scale), but this is typical for equity ETFs. The KIID and PRIIPs documents confirm the fund's straightforward structure, with no complex features like capital protection or structured products. The only derivative-related mention is for 'efficient portfolio management,' which is standard for ETFs and does not trigger complexity under MiFID II. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}