{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Japan UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Total Return Net Japan Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "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 Total Return Net Japan Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. 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 mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund is UCITS compliant and invests in large and mid-cap Japanese equities, which are liquid and transparent. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7), consistent with equity market risk but not indicating complexity. Costs are straightforward with a low ongoing charge and no performance fees. Securities lending is minimal and disclosed transparently. No capital protection or structured features are present. The index tracked is a standard MSCI equity index without complex structured products or contingent bonds. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use, physical replication, and no leverage, leading to a non-complex classification under MiFID II."
}