{
    "fund_name": "Xtrackers DAX UCITS ETF",
    "isin": "LU0274211480",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of DAX index",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No complex underlying assets"
    ],
    "classification": "non-complex",
    "supporting_data": "The KIID and PRIIPs documents confirm this is a physically replicated ETF tracking the DAX index. The factsheet explicitly states 'Direct Replication (physically)' and lists no derivative usage beyond standard securities lending (which is common and not considered complex under MiFID II). The fund has no leverage, no inverse exposure, and no complex structured features. The DAX index itself is a straightforward blue-chip equity index with clear methodology. While the fund mentions potential derivative use for risk management, this appears to be standard efficient portfolio management rather than a complex strategy. The risk profile is clearly explained as equity market risk, and the fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}