{
    "fund_name": "iShares MDAX UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MDAX UCITS ETF (DE) is a physically replicated ETF that tracks the MDAX Index, composed of 50 German mid-cap companies. The KIID and factsheet confirm that the fund primarily invests directly in equities (at least 95% of assets) and does not employ synthetic replication, leverage, or inverse strategies. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management (EPM), this is explicitly stated as not being for leverage or speculative purposes. The risk profile is rated 6 out of 7, but this is due to the concentrated exposure to German mid-cap equities rather than structural complexity. The fund is UCITS-compliant, has a clear and linear relationship to its underlying index, and provides daily liquidity on exchanges. There are no indications of complex underlying assets, capital protection mechanisms, or significant counterparty risks beyond standard custodial and operational risks. The fund's transparency, straightforward replication method, and lack of leveraged or derivative-driven strategies support its classification as non-complex under MiFID II.",
    "confidence": 95
}