{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Europe UCITS ETF 2C - USD Hedged",
    "investment_objective": "To reflect the performance of the MSCI Total Return Net Europe Index while minimizing foreign currency fluctuations at share class level",
    "primary_asset_class": "Equity",
    "geographic_focus": "European developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the MSCI Total Return Net Europe Index by buying all or a substantial number of the underlying securities. The use of derivatives is limited to currency hedging to reduce foreign exchange risk, not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage or inverse strategies. The underlying assets are large and mid-cap European equities, which are liquid and transparent. There are no capital protection or structured product features. The risk profile is medium (category 4 out of 7 in PRIIPs KID), consistent with equity market exposure, and does not indicate complexity. Costs are straightforward with a single ongoing charge of 0.30% and no performance fees or swap fees. Securities lending is minimal and revenue sharing does not increase costs. The factsheet confirms direct physical replication and no use of swaps. The MSCI index tracked is a standard, well-known equity index without complex features. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF exhibits characteristics of a non-complex financial instrument under MiFID II."
}