{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers S&P 500 UCITS ETF aims to replicate the S&P 500 Index by direct physical replication, purchasing all or a substantial number of the underlying securities. The fund is UCITS compliant and uses physical replication as confirmed by the factsheet. While the fund may use derivatives for risk management or cost reduction, there is no indication of synthetic replication, swap agreements, or funded/unfunded swaps. There is no leverage, inverse or amplified exposure. The underlying assets are large-cap US equities, which are liquid and transparent. The risk profile is medium-high (risk category 5-6), reflecting market volatility rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.06%) and no performance fees or swap fees. Securities lending is minimal and revenue sharing is disclosed but does not add complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for risk management only, and no complex underlying assets or leverage. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}