{
    "fund_name": "Xtrackers MSCI North America High Dividend Yield UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Smart Beta Methodology",
        "Rules-based index with quality screens"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI North America High Dividend Yield Index, which is a rules-based index selecting large and mid-cap companies with higher dividend yields and quality characteristics. The fund does not use derivatives, swaps, or leverage, and its investment strategy is straightforward. The index methodology, while involving quality screens, does not introduce complexity beyond what is typical for smart beta strategies. The fund's risk profile is classified as category 6 (higher risk), but this is consistent with equity investments and does not indicate complexity. The absence of synthetic replication, leverage, or inverse strategies supports the non-complex classification.",
    "confidence": 90
}