{
    "fund_name": "Xtrackers Developed Green Real Estate ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Dow Jones Developed Green Real Estate Index, which consists of listed equity securities from real estate companies meeting ESG criteria. The KIID explicitly states that derivatives may be used for risk management, cost reduction, and efficiency improvement, but not as a core strategy. The risk profile is classified as category 7 due to market volatility, not structural complexity. The factsheet confirms direct replication and provides transparency on holdings and methodology. There are no indications of leverage, inverse strategies, or synthetic replication. The ESG screening adds a layer of criteria but does not introduce complexity under MiFID II rules.",
    "confidence": 95,
    "risk_level": 7,
    "additional_notes": "While the ETF has a high risk rating (category 7), this is due to the volatility of real estate equities rather than structural complexity. The use of derivatives is limited to efficient portfolio management, which does not trigger complexity under MiFID II. The physical replication and transparent index methodology further support the non-complex classification."
}