{
    "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 Performance Index by direct investment in the 40 largest and most traded German equities. The KIID and PRIIPs KID documents 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. The fund does not intend to use leverage, and any minimal leverage arising from financial derivative instruments is solely for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. The monthly factsheet confirms physical replication and direct investment in equities, with no indication of complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (risk level 5-6), consistent with equity market exposure, but does not indicate complexity arising from leverage or derivatives. Costs are straightforward with a low ongoing charge (0.16%) and no performance fees or swap fees. There are no capital protection or structured features. No complexity flags such as inverse or leveraged exposure, capital guarantees, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}