{
    "fund_name": "Invesco MDAX 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 to track the MDAX Index, which consists of 50 medium-sized German equities. There is no mention of synthetic replication, swaps, or derivatives in the KIID or PRIIPs documents. The fund's investment strategy is straightforward, focusing on direct ownership of index constituents. The risk profile is typical for an equity ETF, with no leverage, inverse exposure, or complex structured features. The PRIIPs document confirms physical replication and UCITS compliance, further supporting the non-complex classification. The fund's transparency, liquidity, and lack of derivative usage align with MiFID II criteria for non-complex instruments.",
    "confidence": 95
}