{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Health Care UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically replicating the MSCI USA Health Care Net Total Return USD Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. The KIID and PRIIPs KID documents indicate the fund may use derivatives only for risk management purposes, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk exposure. There is no leverage, inverse or amplified exposure, nor capital protection or structured features. The risk profile is medium (4 out of 7), consistent with a sector-focused equity ETF, without complexity flags such as contingent bonds or complex structured products. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. The fund engages in securities lending with minimal impact on costs. No complexity warnings or comprehension warnings appear in the PRIIPs KID. The underlying index is a standard MSCI sector index with transparent methodology and liquid constituents. Therefore, the fund exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. The main complexity factor is sector concentration risk, which is typical and does not trigger a complex classification under MiFID II."
}