{
    "fund_name": "iShares STOXX Europe 600 Utilities 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 Utilities index, investing directly in the underlying equities (95%+ duplication rate).2. No leverage or inverse exposure: The fund does not employ leverage or inverse strategies, and explicitly states it does not intend to leverage the fund.3. Minimal derivative usage: While the fund may use derivatives for efficient portfolio management (e.g., hedging), this is not a core part of its strategy and does not create significant additional risk.4. Transparent and liquid underlying assets: The fund invests in large-cap European utility stocks, which are liquid and transparent.5. Straightforward risk profile: The risk profile is clearly communicated as medium risk (level 6 on the scale) with risks primarily related to equity market fluctuations and sector concentration.6. UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity and risk.7. No capital protection or structured features: The fund does not offer capital guarantees or structured returns.The only potential complexity factor is the mention of 'minimal amounts of leverage' from time to time for efficient portfolio management, but this is not a core part of the strategy and does not materially alter the fund's risk profile. The fund's overall structure, transparency, and liquidity make it suitable for retail investors.",
    "confidence": 95
}