{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers S&P ASX 200 UCITS ETF is a physically replicated fund that directly holds the underlying securities of the S&P/ASX 200 TR Index. The KIID explicitly states that the fund uses physical replication by buying all or a substantial number of the securities in the index. While the fund mentions the potential use of derivatives for risk management and cost reduction, this is a common practice for efficient portfolio management (EPM) and does not inherently make the fund complex under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is classified as category 6, which is typical for equity ETFs and does not indicate complexity. The fund's objective and strategy are straightforward, and the underlying assets are liquid and transparent. The absence of complex structures, capital protection mechanisms, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}