{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Index Methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers Nikkei 225 UCITS ETF is classified as non-complex. It aims to reflect the performance of the Nikkei Stock Average index using physical replication, which involves holding a substantial number of the securities in the index. The ETF's investment objective is straightforward, and the underlying index, while Japanese stock market-focused, is a well-established equity index. The document explicitly states that UCITS are presumed non-complex and are not automatically considered complex due to the underlying investments. While the ETF mentions the potential use of derivatives for efficient portfolio management, their use is not integral to achieving the investment objective, and the primary replication method is physical. The document also highlights that a risk profile classification (category 6 in this case) relates to market volatility, not structural complexity. There is no mention of embedded derivatives, leverage, or other features that would typically lead to a complex classification. The ongoing charges and securities lending fees are standard and do not introduce complexity. The key investor information document is designed for retail investors, indicating an intent for the product to be understandable. Therefore, based on the provided information and the MiFID II framework, the ETF is considered non-complex."
    }
}