{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Industrials UCITS ETF",
    "investment_objective": "Track the performance, before fees and expenses, of the MSCI USA Industrials 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 aims to physically replicate the MSCI USA Industrials Index by buying all or a substantial number of the underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. There is no mention of synthetic replication, swap agreements, or total return swaps in any of the documents. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap US industrial equities, which are liquid and transparent. No capital protection or structured features are present. The risk profile is medium-high (category 5 out of 7), reflecting sector concentration risk and market volatility, but not complexity due to derivatives or leverage. Costs are straightforward with a low ongoing charge of 0.12% and no performance fees or swap fees. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The fund is UCITS compliant and regulated by the Central Bank of Ireland. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use limited to risk management, physical replication, and no leverage or complex underlying assets. Therefore, it is classified as non-complex under MiFID II."
}