{
    "classification": "non-complex",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "supporting_data": "The Xtrackers Global Infrastructure ESG UCITS ETF uses physical replication to track the Dow Jones Brookfield Global Green Infrastructure Index. The KIID explicitly states that the fund may use derivatives for risk management, cost reduction, and efficiency purposes, but not as a core part of its investment strategy. The fund has a straightforward objective of replicating an index of infrastructure companies with ESG criteria. The risk profile is classified as category 6, which is high but not due to structural complexity. There are no indications of leverage, inverse exposure, or synthetic replication. The factsheet confirms direct replication methodology and does not mention any complex underlying assets or structured products.",
    "confidence": 90,
    "risk_level": 6,
    "derivatives_usage": "The fund may employ derivatives for risk management and efficiency, but this is not a primary strategy and does not introduce significant additional risk or complexity.",
    "counterparty_risk": "Not a significant factor as the fund uses physical replication.",
    "liquidity": "The fund provides daily liquidity, and the underlying assets are listed infrastructure companies from developed markets, which are generally liquid.",
    "esg_focus": "The fund incorporates ESG criteria, but this does not contribute to complexity under MiFID II rules.",
    "final_assessment": "The ETF is classified as non-complex because it uses physical replication, has a clear and straightforward investment objective, and does not employ leverage, inverse strategies, or synthetic replication. The use of derivatives is limited to risk management and efficiency purposes, which does not introduce significant complexity."
}