{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Nordic UCITS ETF 2C - GBP Hedged",
    "investment_objective": "To replicate the performance of the MSCI Nordic Countries Index while minimizing currency fluctuations at share class level",
    "primary_asset_class": "Equity",
    "geographic_focus": "Nordic countries (Denmark, Finland, Norway, Sweden)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Nordic Countries Index primarily through physical replication by buying all or a substantial number of the underlying securities. The use of derivatives is limited to currency hedging to reduce exchange rate risk, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid, transparent Nordic equities. The risk profile is medium (4 out of 7), consistent with equity market exposure, and no leverage or inverse exposure is present. Costs are simple with a single ongoing charge of 0.35%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no synthetic or swap-based replication. Overall, the fund exhibits none of the complexity triggers such as leverage, synthetic replication, complex underlying assets, or capital protection features. Therefore, under MiFID II, this ETF is classified as non-complex."
}