{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares Core DAXu00ae UCITS ETF (DE) EUR (Acc) is a UCITS ETF that aims to track the performance of the Core DAXu00ae index, which comprises the 40 largest and most traded German stocks. The fund primarily invests in equities, adhering to a duplication percentage of at least 95% of the fund's assets. The ETF uses physical replication, meaning it holds the underlying securities of the index. The stated objective and investment policy indicate a straightforward approach to tracking a well-known equity index. There is no mention of leverage beyond minimal amounts for efficient portfolio management, nor are there any embedded derivatives, complex underlying assets, or opaque structures that would typically render an ETF complex. The document also states that it is not the Investment Manager's intention to leverage the Fund. According to MiFID II and ESMA guidelines, UCITS ETFs are generally presumed non-complex unless specific features (like derivative use integral to strategy, synthetic replication, or complex underlying assets) make them difficult for retail investors to understand. This ETF's structure and investment policy align with the characteristics of a non-complex instrument. The risk indicator is rated six, but this reflects market volatility rather than structural complexity. Therefore, it does not trigger a complex classification."
    }
}