{
    "fund_name": "Xtrackers MSCI World Value UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Value-based index strategy",
        "Potential for tracking error",
        "Derivatives for risk management"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Enhanced Value Index, which is a rules-based value strategy index. While the KIID mentions the fund may use derivatives for risk management, the factsheet confirms it uses direct replication (physical). There is no leverage, inverse exposure, or synthetic replication. The index is transparent and based on value characteristics of large/mid-cap equities. The fund's risk profile (category 6) reflects market volatility but is not inherently complex. The use of derivatives appears limited to efficient portfolio management rather than core strategy. The PRIIPs KID does not contain a comprehension warning, further supporting non-complex classification.",
    "confidence": 90
}