{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Franklin FTSE Brazil UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Franklin FTSE Brazil UCITS ETF is a UCITS-compliant ETF that physically replicates the FTSE Brazil 30/18 Capped Index using full replication, as confirmed by the factsheet. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only derivatives for efficient portfolio management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage or inverse exposure. The underlying assets are large and mid-cap Brazilian equities, which are liquid and transparent securities. There are no capital protection or structured features. The risk profile is moderately high (6 out of 7) due to market volatility and emerging market risks, but this is typical for equity ETFs focused on emerging markets and does not imply complexity. Costs are straightforward with a TER of 0.19%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. Counterparty risk is disclosed but limited to efficient portfolio management derivatives, not inherent to the strategy. Overall, the ETF exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}