{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Thailand UCITS ETF (ISIN: LU0514694701) is a physically replicated ETF that aims to track the MSCI Thailand TRN Index. The KIID and factsheet indicate that the fund uses direct replication (physical) to achieve its investment objective, meaning it holds the underlying securities of the index. While the KIID mentions that the fund may use derivatives for risk management, this is a common practice for efficient portfolio management (EPM) and does not inherently make the fund complex. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is classified as category 6, which is relatively high but not indicative of complexity under MiFID II rules. The fund is UCITS-compliant, which generally implies a higher level of investor protection and transparency. The factsheet confirms that the fund uses physical replication and does not highlight any complex structures or strategies. The absence of leverage, inverse exposure, or synthetic replication, along with the straightforward physical replication method, supports the classification as non-complex.",
    "confidence": 95
}