{
    "fund_name": "Xtrackers MSCI USA UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Index, with derivatives only employed for currency hedging and efficient portfolio management, not as a core strategy. The risk profile (category 6) is high due to equity market exposure, not structural complexity. The KIID explicitly states derivatives are used to manage risk and reduce costs, not for leverage or complex strategies. The fund's straightforward index-tracking objective, direct investment in liquid US equities, and transparent physical replication method all support a non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "currency_hedging": true,
    "securities_lending": true,
    "tracking_error": "1%",
    "primary_asset_class": "equity",
    "geographic_focus": "USA",
    "counterparty_risk": "minimal",
    "liquidity": "high",
    "cost_structure": "simple",
    "performance_fee": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "complex_underlying_assets": false
}