{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Thailand UCITS ETF aims to replicate the MSCI Thailand TRN index by buying all or a substantial number of the underlying securities, indicating physical replication. The KIID and PRIIPs KID documents confirm the fund is UCITS compliant and passively managed with a straightforward index-tracking objective. While the fund may use derivatives for risk management and cost reduction, there is no indication of synthetic replication, swap agreements, or funded/unfunded swap structures. The factsheet explicitly states the portfolio methodology is direct replication (physical). There is no leverage, inverse exposure, or capital protection mechanism mentioned. The risk profile is relatively high (category 5-6) due to emerging market exposure and concentration risk, but this is typical for such markets and not due to structural complexity. Costs are simple, with no performance fees or complex fee structures, and securities lending is disclosed transparently. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a standard MSCI equity index with 27 constituents, representing large and mid-cap Thai equities, which are liquid and transparent. No complex structured products or derivative-heavy underlying funds are involved. The PRIIPs KID does not include any comprehension warnings or complexity flags beyond normal emerging market and derivatives risk disclosures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}