{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MDAX\u00ae UCITS ETF (DE) aims to physically replicate the MDAX\u00ae Performance Index by investing mostly in equities, with at least 95% of assets matching the index weighting. The fund uses physical replication, as confirmed by the monthly factsheet stating 'Product Structure: Physical' and direct investment into mid-cap German companies. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. While the fund may use financial derivative instruments minimally for efficient portfolio management, this is not an inherent part of the investment objective and does not trigger the 'derivatives' flag under MiFID II. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but no complexity flags such as capital protection or structured features are present. Costs are straightforward with a TER of 0.51%, no performance fees, and no swap or derivative fees disclosed. The PRIIPs KID does not include any comprehension warnings or complexity disclosures. Counterparty risk is mentioned only in the context of safekeeping and minimal derivative use, which is standard for UCITS ETFs. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses physical replication, leading to a non-complex classification under MiFID II."
}