{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers Nikkei 225 UCITS ETF aims to replicate the Nikkei Stock Average index by physically purchasing all or a substantial number of the underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. The KIID and PRIIPs KID documents mention that the fund may use derivatives only for risk management, cost reduction, or efficiency improvements, but this is 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 or inverse strategies, and no capital protection or structured features are present. The risk profile is medium-high (risk level 5 out of 7), reflecting market risk inherent in equity investments, but not complexity from product structure. Costs are straightforward with a low ongoing charge and no performance fees or complex fee structures. Securities lending is minimal and disclosed transparently. The index tracked is a well-known, price-weighted, liquid index of 225 large Japanese stocks, with no complex underlying assets such as contingent bonds or CLOs. No comprehension warnings or complexity flags appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with physical replication and minimal derivative use, leading to a non-complex classification under MiFID II."
}