{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Financials UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically replicating the MSCI USA Financials Net Total Return USD Index by direct purchase of underlying securities. The KIID and PRIIPs KID documents confirm the fund aims to track the index performance by buying all or a substantial number of the securities in the index, with no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The factsheet explicitly states 'Direct Replication (physically)' as the portfolio methodology. There is no leverage, inverse or amplified exposure language, and no capital protection or structured product features. Derivatives are only mentioned as possible instruments to manage risk or improve efficiency, but not as an inherent element of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. The risk profile is medium-high (5/7) due to sector concentration and market risk, not due to complexity of the product structure. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. No significant counterparty risk or complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a standard MSCI sector index with transparent methodology and quarterly rebalancing. No PRIIPs comprehension warnings or complexity flags are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}