{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Franklin FTSE Korea UCITS ETF Class SINGLCLASS",
    "investment_objective": "Track the performance of the FTSE Korea 30/18 Capped Index (Net Return), investing in large and mid-cap South Korean equities",
    "primary_asset_class": "Equity",
    "geographic_focus": "South Korea",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses full physical replication methodology as confirmed by the factsheet, holding primarily large and mid-cap South Korean equities directly. The KIID and PRIIPs KID documents state that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond standard counterparty risk disclosures typical for UCITS ETFs. The fund is UCITS compliant, has a low total expense ratio (0.09%), and no leverage or inverse exposure. The risk indicator is medium-high (5/7) reflecting market and emerging market risks, not structural complexity. No capital protection or structured features are present. The underlying assets are liquid, listed equities with no complex structured products or contingent bonds. The fund tracks a straightforward equity index with no complex derivatives embedded in the benchmark. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}