{
    "fund_name": "Franklin FTSE Brazil 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 Franklin FTSE Brazil UCITS ETF is a physically replicated ETF that tracks the FTSE Brazil 30/18 Capped Index (Net Return) using full replication. The KIID and factsheet confirm that the fund uses physical replication and does not employ leverage, inverse strategies, or synthetic replication via swaps or derivatives. The fund's primary asset class is equities, specifically Brazilian large and mid-cap stocks, which are liquid and transparent. The risk profile is consistent with emerging market equities, and there are no indications of complex underlying assets or capital protection mechanisms. The fund's risk and reward profile is clearly disclosed, and the charges are straightforward with a single ongoing charge of 0.19%. The fund is UCITS-compliant, which further supports its classification as non-complex under MiFID II.",
    "confidence": 95,
    "risk_level": "The fund's risk level is consistent with its exposure to Brazilian equities, which are subject to emerging market risks, including volatility, currency risk, and concentration risk. However, these risks are typical for equity ETFs and do not introduce additional complexity beyond what is expected for such an asset class."
}