{
    "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 Nikkei 225 UCITS ETF 1D is a physically replicated ETF that directly holds the underlying securities of the Nikkei 225 Index. The KIID explicitly states that the fund uses 'direct replication (physically)' as its portfolio methodology. While the fund mentions the potential use of derivatives for risk management and efficiency purposes, this is a common practice in UCITS-compliant ETFs and does not constitute a primary investment strategy. The fund's risk profile is classified as category 6, which is relatively high, but this is due to the volatility of the Japanese equity market rather than structural complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying index is straightforward, consisting of 225 large-cap Japanese stocks, and the fund's performance objective is clearly aligned with this index. The absence of complex features such as capital protection mechanisms, structured products, or significant counterparty risks further supports the non-complex classification. The fund's use of securities lending is disclosed transparently and does not introduce additional complexity.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "comprehension_warning": false
}