{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MDAX\u00ae UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco MDAX\u00ae UCITS ETF aims to track the MDAX\u00ae Index by physical replication, holding as far as possible all securities in the index in their respective weightings. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The underlying assets are equities of medium-sized German companies, which are liquid and transparent. The risk profile is medium-high (risk category 5-6), consistent with equity market risk but not indicative of structural complexity. The fund is UCITS compliant, uses physical replication, and does not employ capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.19%, no performance fees, and no complex fee structures. Securities lending is used but is a common practice and does not add complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, the fund does not meet the MiFID II criteria for a complex financial instrument."
}