{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Philippines UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Philippines Investable Market Total Return Net Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Philippines",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI Philippines Investable Market Total Return Net Index by purchasing all or a substantial number of the underlying securities. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for risk management purposes, not as an inherent part of the investment strategy, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The underlying assets are equities listed in the Philippines, which are liquid and transparent. The risk profile is medium-high (5/7) due to emerging market exposure and concentration risk, but this does not imply complexity from a MiFID II perspective. Costs are straightforward with a single ongoing charge of 0.65% and no performance fees or swap fees. The factsheet confirms direct physical replication and no use of swaps or synthetic structures. No complexity flags such as contingent bonds, structured products, or significant counterparty risk are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the fund is a straightforward physical equity ETF tracking a well-defined index with minimal derivative use for risk management only."
}