{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Taiwan UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI Taiwan 20/35 Custom Index by replicating the index through physical purchase of securities.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Taiwan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Taiwan 20/35 Custom Index by buying all or a substantial number of the underlying securities, using direct physical replication as confirmed in the factsheet. The KIID and PRIIPs documents mention that derivatives may be used only for risk 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. The fund is UCITS compliant, with no leverage or inverse exposure. The risk profile is medium-high (category 5), reflecting emerging market and single-country concentration risks, but not complexity from structure or instruments. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge and no performance fees. The index tracked is a standard MSCI custom index with caps on large constituents, but no complex structured indices or contingent bonds. The factsheet confirms direct physical replication and no use of swaps. There is no PRIIPs comprehension warning indicating complexity. Overall, the ETF is a straightforward physical equity tracker with minimal derivative use for risk management, no leverage, and no complex underlying assets, thus classified as non-complex under MiFID II."
}