{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Energy UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI USA Energy 20/35 Custom Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States of America",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses direct physical replication of the MSCI USA Energy 20-35 Custom Index, purchasing a substantial number of underlying securities directly. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. The fund is UCITS compliant, with a low ongoing charge of 0.12% and no performance fees. The risk profile is high (6 out of 7) due to sector concentration and market volatility, not due to structural complexity. There is no leverage, inverse exposure, or capital protection features. The underlying assets are large and mid-cap US energy equities, which are liquid and transparent. No complex structured products or contingent bonds are held. The factsheet confirms physical replication and no use of swaps. The PRIIPs KID does not contain any comprehension warnings or complexity flags beyond normal market risks. Therefore, the fund is classified as non-complex under MiFID II."
}