{
    "fund_name": "Xtrackers MSCI Global Social Fairness Contributors UCITS ETF",
    "isin": "IE000L2IS494",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (SDG screening criteria)",
        "Potential for significant tracking error (1%)",
        "Exposure to emerging markets and small/mid-cap companies"
    ],
    "classification": "non-complex",
    "confidence": 90,
    "supporting_data": "The ETF uses physical replication (direct purchase of underlying securities) as confirmed in the factsheet. While the index methodology is complex (involving SDG screening and thematic selection), this does not inherently make the ETF complex under MiFID II. The fund does not use leverage, inverse strategies, or swaps for investment purposes. The primary risks are market risk and tracking error, which are typical for equity ETFs. The fact that it's UCITS-compliant and uses physical replication supports the non-complex classification. The only potential complexity factor is the index methodology, but this is not sufficient to trigger a complex classification under MiFID II, as the underlying investment strategy remains straightforward (equity exposure). The risk profile (category 6) is consistent with global equity ETFs and does not indicate complexity beyond typical market risks."
}