{
    "fund_name": "iShares STOXX Europe 600 Telecommunications 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 physically replicated, tracks a straightforward equity index (STOXX Europe 600 Telecommunications), and has no leverage or inverse exposure. While it mentions minimal derivative usage for efficient portfolio management, this does not trigger complexity under MiFID II. The risk profile is rated 6 (medium), and the fund is UCITS-compliant, indicating suitability for retail investors. No complex underlying assets or structured features are present.",
    "confidence": 95
}