{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI USA Communication Services UCITS ETF",
    "investment_objective": "To track the performance, before fees and expenses, of the MSCI USA Communication Services 20/35 Custom Index by buying all or a substantial number of the securities in the index.",
    "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 uses physical replication by directly purchasing a substantial number of the underlying securities in the MSCI USA Communication Services 20/35 Custom Index. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap US equities in the communication services sector, which are liquid and transparent. No capital protection or structured features are present. The risk profile is medium-high (5/7) due to sector concentration and market risk, not due to structural complexity. Costs are straightforward with a low ongoing charge of 0.12% and no performance fees or swap fees. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps. Therefore, the ETF is classified as non-complex under MiFID II."
}