{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Korea UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI Korea 20/35 Custom Index by buying all or a substantial number of the securities in the index.",
    "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 physical replication by directly purchasing a substantial number of the underlying securities of the MSCI Korea 20/35 Custom Index, which tracks large and mid-cap Korean equities. The KIID and PRIIPs KID documents mention that derivatives may be used only for risk management, cost reduction, or improving results, but do not indicate synthetic replication or swap usage. The factsheet explicitly states 'Direct Replication (physically)' and does not mention any swap or synthetic structures. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5/7), reflecting emerging market equity risk rather than structural complexity. No complex underlying assets such as contingent convertible bonds or CLOs are held. Costs are straightforward with a single ongoing charge of 0.45% and no performance fees. Securities lending is minimal and disclosed transparently. No complexity flags such as unfunded swaps, counterparty risk, or structured features are present. The PRIIPs KID does not carry any comprehension warnings. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}