{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Brazil UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Total Return Net Brazil index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Brazil",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as confirmed by the factsheet stating 'Direct Replication (physically)'. The investment objective is straightforward index tracking of a large and mid-cap Brazilian equity index (MSCI Brazil TRN Index) with no mention of synthetic replication or swap usage. The KIID and PRIIPs documents mention the possible use of derivatives only for risk management and cost reduction, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The fund invests directly in liquid, transparent equities with no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is high (category 6-7) due to emerging market equity exposure and concentration risk, not due to structural complexity. Costs are simple with a TER of 0.25% and no performance fees or swap fees. No capital protection or structured features are present. No significant counterparty risk or complex derivative counterparty risk disclosures are noted. The PRIIPs KID does not carry any comprehension warning or complexity flag beyond normal emerging market equity risk. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}