{
    "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 track the MDAX\u00ae Performance Index by investing mostly in equities, with at least 95% of assets physically replicating the index. The KIID and PRIIPs KID explicitly state the fund uses physical replication and does not intend to use leverage, although minimal leverage may arise from efficient portfolio management derivatives, which are not inherent to the investment strategy and thus do not trigger complexity. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk. The monthly factsheet confirms a physical replication methodology with direct investment in 50 mid-cap German companies, no use of leverage or inverse strategies, and no complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7), reflecting equity market risk and concentration risk, but not complexity from derivatives or leverage. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}