{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core DAX\u00ae UCITS ETF (DE) is a UCITS-compliant ETF that physically replicates the DAX\u00ae index by directly investing in the 40 largest and most traded German equities. The KIID and PRIIPs KID explicitly state that the fund aims to replicate the benchmark as closely as possible with at least 95% duplication of the index components. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy. While minimal leverage may arise from efficient portfolio management (EPM) techniques, this is incidental and not an inherent part of the investment objective, so derivatives usage is considered false. The monthly factsheet confirms physical replication and direct investment in underlying securities, with no indication of leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7), reflecting equity market risk rather than complexity. Costs are straightforward with a low TER of 0.16%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. Counterparty risk disclosures relate to standard depositary and custodian risks, not to swap counterparties. No complexity flags such as capital guarantees, structured returns, or complex derivatives are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}