{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the SDAX Total Return Index, which consists of mid and small-cap German equities. The KIID explicitly states that the exposure is achieved through direct investments in transferable securities representing the index constituents. While the document mentions that derivatives may be used for managing inflows/outflows or better exposure to an index constituent, this appears to be for efficient portfolio management rather than as an inherent part of the strategy. There is no mention of synthetic replication, swaps, leverage, or inverse exposure. The risk profile is straightforward (equity market risk), and the fund is UCITS-compliant, which typically aligns with non-complex classifications. The fact sheet confirms physical replication and minimal tracking error, further supporting the non-complex determination.",
    "confidence": 95
}