{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The Xtrackers USD Corporate Bond UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the Bloomberg USD Liquid Investment Grade Corporate Index, which consists of USD-denominated investment-grade corporate bonds. The KIID explicitly states that the fund employs derivatives only for risk management, cost reduction, and currency hedging, not as a core part of its investment strategy. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile is rated at level 5, which is typical for bond ETFs and does not inherently indicate complexity. The underlying assets are straightforward investment-grade corporate bonds, and the fund's methodology is transparent and easily understandable. The absence of complex structures, capital protection mechanisms, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}