{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MDAXu00ae UCITS ETF (DE) EUR (Acc) is a passively managed exchange traded fund that aims to track the performance of the MDAXu00ae index. The index measures the performance of 50 medium-sized German companies. The fund primarily invests in equities. It is a UCITS ETF, which generally confers a non-complex status under MiFID II due to strict regulatory requirements. The KIID explicitly states that the fund aims to replicate the benchmark index and that it is not the investment manager's intention to leverage the fund, although minimal amounts of leverage may be generated from time to time for efficient portfolio management. There is no mention of derivatives being integral to the investment strategy or any complex underlying assets. The focus on physical replication of a broad equity index (MDAXu00ae) and the absence of embedded derivatives or complex structures indicate that it is designed to be easily understood by retail investors. The risk indicator is rated six, which reflects market risk, not structural complexity. The KID provides a clear explanation of the investment objective, policy, and risk profile without recourse to complex financial instruments or strategies."
    }
}