{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Europe Utilities Screened UCITS ETF (1C) is classified as non-complex under MiFID II for the following reasons:1. **Physical Replication**: The factsheet explicitly states the fund uses 'Direct Replication (physically)', meaning it directly invests in the underlying securities of the MSCI Europe Utilities Screened 20-35 Select Index, not derivatives or swaps.2. **No Leverage or Inverse Exposure**: There is no mention of leverage, inverse strategies, or amplified returns in either the KIID or factsheet.3. **Transparent Underlying Assets**: The index consists of large and mid-cap European utility companies, which are straightforward and liquid securities. The ESG screening criteria are clearly defined and do not introduce complexity.4. **No Complex Structuring**: The fund does not employ capital protection mechanisms, structured products, or contingent bonds. The risk profile is aligned with the underlying equities, and the fund's performance is expected to track the index closely.5. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of derivatives to efficient portfolio management (EPM) and excludes complex strategies.6. **Risk Profile**: The fund is classified as risk level 6 in the KIID, but this reflects the inherent volatility of equity markets, not structural complexity. The risks are clearly disclosed and typical of equity ETFs.7. **No Counterparty Risk**: Since the fund uses physical replication, there is no counterparty risk from derivatives or swaps.The only potential complexity factor is the ESG screening methodology, but this is standard for many ETFs and does not materially affect the fund's classification. The absence of derivatives, leverage, or structured features confirms this is a non-complex ETF.",
    "confidence": 95
}