{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA UCITS ETF 2C - EUR Hedged",
    "investment_objective": "To reflect the performance, before fees and expenses, of the MSCI Total Return Net USA index while minimising 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 replicate the MSCI Total Return Net USA index primarily through physical replication by buying all or a substantial number of the underlying securities. The fund uses derivatives only for currency hedging purposes to reduce exchange rate fluctuations between the fund's USD assets and the EUR share class currency, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure. The fund does not employ leverage or inverse strategies. The underlying assets are large and mid-cap US equities, which are liquid and transparent. There are no capital protection or structured product features. The risk profile is medium-high (category 5 out of 7), reflecting market risk and concentration risk in US equities, but not complexity from derivatives or leverage. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees. Securities lending is minimal and does not add complexity. The factsheet confirms direct physical replication and no use of swaps for index replication. The PRIIPs KID does not include any comprehension warnings or complexity flags beyond normal market and currency risks. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}