{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers S&P Europe ex UK UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P Europe Ex-U.K. LargeMidCap (EUR) index by buying all or a substantial number of the underlying securities directly, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy, only that derivatives may be used for risk management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage or inverse exposure, and the risk profile is moderate (risk level 4 out of 7), consistent with a straightforward equity index tracking ETF. The underlying assets are large and mid-cap European equities excluding the UK, which are liquid and transparent. There are no capital protection features, structured products, or contingent bonds involved. Costs are simple with a low ongoing charge (0.09%) and no performance fees or swap fees. Securities lending is minimal and disclosed transparently. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps or synthetic structures. Overall, the ETF exhibits characteristics of a non-complex financial instrument under MiFID II."
}