{
    "fund_name": "Xtrackers MSCI Global SDG 7 Affordable and Clean Energy UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (SDG 7 screening criteria)",
        "Exposure to emerging markets and small/mid-cap companies",
        "Potential for liquidity risks in less developed markets"
    ],
    "classification": "non-complex",
    "confidence": 90,
    "supporting_data": "The ETF uses physical replication to track the MSCI ACWI IMI SDG 7 Affordable and Clean Energy Select Index, which is a complex index due to its ESG screening and SDG alignment criteria. However, the fund itself does not use derivatives, swaps, or leverage, and its risk profile is clearly disclosed as category 6 (higher risk). The main complexity factors are the index methodology and exposure to emerging markets, but these do not trigger a 'complex' classification under MiFID II. The fund is UCITS-compliant and uses direct replication, which aligns with non-complex characteristics. The factsheet confirms no swap or derivative usage, reinforcing the non-complex determination."
}