{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Sector Concentration Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI World Financials UCITS ETF is classified as non-complex. The fund aims to track the MSCI World Financials Total Return Net index, which reflects the performance of listed shares of companies in the financials sector. The investment policy states that the fund will attempt to replicate the index by buying 'all or a substantial number of the securities in the index', indicating a physical replication method. The KIID mentions that the fund is classified in risk category 6 due to potential strong fluctuations in share price, but this is identified as market risk and not structural complexity. The KIID explicitly states that derivatives may be used for 'efficient portfolio management', 'to manage risk, reduce costs and improve results', and that the fund may engage in 'secured lending of its investments'. However, the primary investment policy is to replicate the index by holding underlying securities, and the use of derivatives is presented as a secondary or risk management tool, not integral to the strategy. There is no mention of synthetic replication, embedded derivatives, or other features that would typically render a UCITS ETF complex. The index itself, tracking financials sector companies, is a straightforward equity index. The KIID also highlights 'Sector Concentration Risk' as a potential risk, which is a characteristic of the underlying index's composition rather than a complex product structure. Based on the provided information and MiFID II guidelines for UCITS ETFs, the fund's structure, investment policy, and stated risks align with a non-complex classification."
    }
}