{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Methodology",
        "ESG Screening Complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Global SDGs UCITS ETF uses physical replication (as confirmed in the factsheet) and does not employ leverage, inverse strategies, or swaps. The primary complexity considerations are the index's ESG screening methodology and SDG alignment criteria, which involve multiple layers of analysis. However, these do not inherently make the ETF complex under MiFID II, as the underlying assets are liquid equities and the replication method is straightforward. The fund's risk profile (category 6) reflects market volatility rather than structural complexity. While the index methodology is sophisticated, it does not introduce counterparty risk or derivative-based risks that would trigger a 'complex' classification.",
    "confidence": 90
}