{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI USA UCITS ETF aims to replicate the MSCI Total Return Net USA Index by direct physical replication, purchasing all or a substantial number of the underlying securities. The KIID and PRIIPs documents confirm the fund is passively managed with a straightforward index-tracking objective. While the fund may use derivatives to manage risk or reduce costs, this is ancillary and not an inherent part of the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are large and mid-cap US equities, which are liquid and transparent. There are no capital protection or structured features. The risk profile is medium-high (level 5 out of 7), reflecting market risk and concentration risk in US equities, but not complexity from product structure. Costs are simple with a low ongoing charge and no performance fees or swap fees. The factsheet confirms physical replication and no use of swaps. No complexity flags such as contingent bonds, leverage, or synthetic structures are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}