{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Quality-based strategy complexity",
            "Potential tracking error"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI World Quality UCITS ETF aims to reflect the performance of the MSCI World Sector Neutral Quality (USD) Index. It is a UCITS ETF, which generally presumes non-complexity. The ETF uses physical replication, holding a substantial number of the securities in the index. The index itself is based on the MSCI World Index but applies a 'quality' strategy, considering Return-on-equity, leverage, and earnings variability. While the 'quality' strategy adds a layer of selection criteria to the index, the underlying replication method is physical, and the KIID does not indicate the use of derivatives for replication or other complex strategies. The KIID mentions the potential use of derivatives for efficient portfolio management (EPM) or to manage risk, but not as integral to the investment objective. Securities lending is mentioned, but within UCITS rules and not detailed as a significant risk factor. The risk rating is 6 out of 7, indicating high volatility, but this is market risk, not structural complexity. The index is rules-based, which can mean it's not adjusted for changing market circumstances, but this doesn't inherently make the ETF complex from a structural standpoint. The complexity of the quality strategy and potential tracking error are the primary factors that might lean towards complexity, but as the core strategy is physical replication of a factor-based index and no embedded derivatives or other complex structures are indicated, it remains non-complex under MiFID II."
    }
}