{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Thailand UCITS ETF aims to reflect the performance of the MSCI Thailand TRN index through physical replication, meaning it buys a substantial number of the securities in the index. The KIID states the fund is passively managed and does not mention the use of derivatives for replication purposes. While it notes the possibility of using techniques and instruments for risk management, cost reduction, or improvement of results, these are not described as integral to the investment objective. The fund is classified in risk category 6, indicating high potential for losses and gains due to market volatility, which is inherent to market risk rather than structural complexity. Securities lending is mentioned as a secondary activity for generating income, with associated fees disclosed, but this is not presented as a complexifying feature. The index itself, MSCI Thailand TRN, is described as reflecting listed shares of companies from Thailand, suggesting transparency. The overall structure and investment policy align with the general characteristics of a non-complex UCITS ETF. The KIID explicitly states that UCITS are generally considered non-complex under MiFID II. The fund does not appear to embed derivatives or use complex replication strategies. The risk profile, while high, is attributed to market movements of the underlying Thai equities, not to complex financial engineering."
    }
}