{
    "fund_name": "iShares MDAX UCITS ETF (DE)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MDAX UCITS ETF (DE) is a physically replicated ETF that tracks the MDAX index, which consists of 50 medium-sized German companies. The fund uses physical replication (as explicitly stated in the PRIIPs KID) and does not employ leverage, inverse strategies, or derivatives for investment purposes. The only mention of derivatives is for 'efficient portfolio management,' which is a standard practice for hedging or reducing transaction costs and does not trigger complexity under MiFID II. The fund's risk profile is straightforward, with risks primarily related to equity market fluctuations and no additional complexity from structured products or capital protection mechanisms. The absence of synthetic replication, swaps, or leverage, combined with the transparency of the underlying index, supports a non-complex classification.",
    "confidence": 95
}