{
    "fund_name": "iShares STOXX Europe 600 Automobiles & Parts 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 Automobiles & Parts), and does not use derivatives for leverage or complex strategies. The KIID and PRIIPs documents confirm physical replication with at least 95% duplication of the index. The fund's risk profile is rated as medium (level 7 on a 1-7 scale), but this is typical for equity ETFs and does not indicate complexity. The PRIIPs document explicitly states 'Product Structure: Physical,' and the KIID mentions minimal derivative use only for efficient portfolio management (not for leverage or synthetic replication). The underlying index is a standard market-cap-weighted equity index, and the fund holds direct equity positions in the index constituents. No capital protection, structured features, or inverse/leveraged strategies are present. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}