{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers II Eurozone Government Bond UCITS ETF aims to replicate the IBOXX \u20ac SOVEREIGNS EUROZONE\u00ae Index by direct physical replication of Eurozone government bonds. The fund uses a straightforward, passive investment strategy focused on investment grade sovereign bonds with a minimum maturity of one year and a minimum outstanding amount of EUR 1 billion. The KIID and PRIIPs KID documents confirm that derivatives may be used only for risk management purposes, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The factsheet explicitly states the portfolio methodology as 'Direct Replication (physically)'. There is no leverage, inverse exposure, or capital protection features. The risk profile is moderate-low (risk level 3 out of 7), consistent with a bond ETF investing in liquid, transparent securities. Costs are simple, with no performance fees or complex fee structures. Securities lending is used but does not increase costs. No complex underlying assets such as contingent convertible bonds or CLOs are held. No complexity flags such as capital protection, structured features, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}