{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers S&P 500 Equal Weight UCITS ETF is a UCITS-compliant ETF that physically replicates the S&P 500 Equal Weight Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Portfolio Methodology: Direct Replication (physically)'. The fund's investment objective is straightforward: to track the performance of the S&P 500 Equal Weight Index, which is a rules-based index of 500 large US companies equally weighted. The KIID and PRIIPs KID documents mention that the fund may use derivatives only for risk management purposes, cost reduction, or improving results, but this is ancillary and not an inherent part of the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is moderate (risk level 5 out of 7), consistent with equity market exposure, but no complexity flags such as capital protection or structured features are present. Costs are simple, with a single ongoing charge of 0.20% and no performance fees or swap fees. Securities lending is minimal and does not add complexity. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses physical replication without leverage or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}