{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Banks UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI USA Banks 20/35 Capped Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication by directly purchasing a substantial number of the underlying securities of the MSCI USA Banks 20/35 Capped Index, which consists of large and mid-cap US bank equities. 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 classification. There is no leverage, inverse or amplified exposure. The underlying assets are straightforward equities in a liquid and transparent market segment (US banks). The risk profile is high (category 6 out of 7) due to sector concentration and market volatility, but this does not imply complexity under MiFID II. No capital protection or structured features are present. Costs are simple with a low ongoing charge of 0.12% and no performance fees or swap fees. The factsheet confirms direct physical replication and no use of swaps. The index tracked is a standard MSCI equity index with sector and size caps, not a complex or structured index. No references to contingent bonds, complex derivatives, or counterparty risk beyond normal market risks are found. Therefore, the ETF is classified as non-complex under MiFID II."
}