{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Singapore UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Singapore 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": "Singapore",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity fund physically replicating the MSCI Singapore Investable Market Total Return Net Index. The factsheet explicitly states 'Direct Replication (physically)' and there is no mention of synthetic replication or swap usage. The KIID and PRIIPs KID mention that derivatives may be used only for risk management or 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 underlying assets are large, mid, and small-cap Singaporean equities, which are liquid and transparent. The risk profile is medium (4 out of 7), consistent with equity market risk but not indicating complexity. No capital protection or structured features are present. Costs are straightforward with a 0.50% ongoing charge and no performance fees or swap fees. Securities lending is minimal and revenue sharing is disclosed but does not add complexity. No complexity flags such as contingent bonds, capital guarantees, or significant counterparty risk are identified. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the fund exhibits a straightforward, physical replication strategy with direct investment in liquid equities, making it non-complex under MiFID II criteria."
}