{
    "fund_name": "Xtrackers DAX ESG Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "ESG screening complexity",
        "Single-country concentration risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for the underlying DAX ESG Screened Index, which is a straightforward equity index. While it uses derivatives for currency hedging (CHF hedging), this is a common and transparent practice in ETFs. The ESG screening criteria are clearly defined and do not introduce additional complexity. The fund's risk profile (category 6) is primarily driven by equity market risk, which is typical for equity ETFs. There are no signs of leverage, inverse strategies, or synthetic replication. The fund's use of derivatives is limited to currency hedging, which is a standard practice and does not make the fund complex under MiFID II. The fact that it is UCITS-compliant further supports its non-complex classification.",
    "confidence": 90
}