{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Complex Index Structure"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Fintech Innovation UCITS ETF is managed passively and aims to track the MSCI ACWI IMI Fintech Innovation Select Screened 100 Index. The KIID explicitly states that the fund will replicate the index by buying all or a substantial number of the securities in the index, which points towards physical replication. While the fund may employ techniques and instruments, including derivatives, for risk management, cost reduction, and improving results, the primary investment policy indicates a physical replication approach. The description of the index involves thematic selection criteria, ESG screening, and ranking by market capitalization and relevance score, which introduces a layer of complexity to the index itself. However, the ETF's structure, as described, aims for direct replication of this index rather than using derivatives as the primary mechanism to achieve its objective. The risk profile is stated as 'category 6', indicating a high risk due to strong share price fluctuations, but this is attributed to market conditions and not to complex structural features like embedded derivatives or leverage. There is no mention of leverage, embedded derivatives in the ETF's structure, or complex underlying assets beyond the index constituents themselves. The explanation of derivatives is framed around efficient portfolio management rather than as a core part of the replication strategy. Therefore, despite the complexity of the index's methodology, the ETF's passive replication strategy using physical holdings is consistent with a non-complex classification under MiFID II rules."
    }
}