{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers FTSE MIB UCITS ETF is a physically replicated ETF that directly holds the underlying securities of the FTSE MIB Index. The KIID explicitly states that the fund uses 'direct replication (physically)' and does not rely on synthetic replication or swaps. While the fund may use derivatives for efficient portfolio management (e.g., reducing costs or managing risk), this is a standard practice under UCITS regulations and does not inherently make the product complex under MiFID II. The fund's risk profile is classified as category 6, which is relatively high, but this is due to the volatility of Italian equities rather than structural complexity. The fund does not employ leverage, inverse strategies, or capital protection mechanisms. The underlying assets are straightforward equities, and the index is a standard market-cap-weighted benchmark. The absence of synthetic replication, leverage, or complex derivatives confirms its non-complex classification.",
    "confidence": 95
}