{
    "fund_name": "Xtrackers S&P ASX 200 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "None identified"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P/ASX 200 Total Return Index, which is a straightforward equity index. The KIID and factsheet confirm direct investment in Australian equities with no mention of synthetic replication, leverage, or inverse strategies. The fund's risk profile (category 6) is consistent with equity market exposure, and there are no capital protection mechanisms or complex structured features. While the KIID mentions the potential use of derivatives for risk management, the factsheet explicitly states 'Direct Replication (physically)', and the derivative usage appears limited to efficient portfolio management (e.g., hedging or reducing transaction costs). The absence of swap-based replication, leverage, or inverse exposure, combined with the transparent, liquid nature of the underlying index, supports a non-complex classification under MiFID II.",
    "confidence": 95
}