{
    "fund_name": "Xtrackers MSCI Global SDG 3 Good Health UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI ACWI IMI SDG 3 Good Health and Well-being Select Index, which consists of equities associated with positive contributions to UN Sustainable Development Goal 3. While the KIID mentions that derivatives may be used for risk management, efficient portfolio management, or cost reduction, there is no indication of extensive or complex derivative usage that would materially alter the risk profile or require specialist knowledge. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is classified as category 6, which is relatively high but not inherently complex under MiFID II rules. The underlying assets are liquid equities, and the fund provides clear, transparent exposure to a well-defined index. The absence of capital protection mechanisms, structured features, or illiquid assets further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for any purpose could introduce complexity. However, the KIID explicitly states that derivatives are used for risk management and efficiency, not as a core strategy. The fund's physical replication method and straightforward equity exposure outweigh this concern, aligning with MiFID II's criteria for non-complex instruments.",
    "risk_level": 6
}