{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA UCITS ETF 3C - CHF Hedged",
    "investment_objective": "To replicate the performance of the MSCI Total Return Net USA index while minimizing foreign currency fluctuations at share class level.",
    "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 Total Return Net USA index by buying all or a substantial number of the underlying securities. The use of derivatives is limited to currency hedging to reduce exchange rate fluctuations, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage or inverse strategies. The risk profile is relatively high (category 6 in KIID, category 4 in PRIIPs), reflecting equity market volatility rather than structural complexity. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. Securities lending is minimal and revenue sharing is disclosed but does not add complexity. The underlying assets are large and mid-cap US equities, which are liquid and transparent. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps for index replication. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use solely for currency risk management, which does not trigger complexity under MiFID II."
}