{
    "fund_name": "Xtrackers S&P Europe ex UK UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (direct purchase of underlying securities) as confirmed in the factsheet. There is no mention of synthetic replication, swaps, or leverage. The index tracked (S&P Europe Ex-UK LargeMidCap) is a straightforward equity index. The fund's risk profile is classified as category 6 (moderate to high risk), but this is typical for equity ETFs and does not indicate complexity. The use of derivatives is limited to efficient portfolio management (e.g., risk reduction or cost management), which is common and does not trigger complexity under MiFID II. The fund is UCITS-compliant, which implies additional regulatory scrutiny and transparency. No capital protection mechanisms or structured features are present. The factsheet and KIID confirm no swap usage or derivative instruments beyond what is typical for physical replication ETFs.",
    "confidence": 95
}