{
    "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 Singapore UCITS ETF 1C is a physically replicated ETF that directly holds the underlying securities of the MSCI Singapore Investable Market Total Return Net Index. The KIID and factsheet indicate that the fund uses physical replication (direct purchase of underlying securities) and does not employ synthetic replication, swaps, or leverage. While the KIID mentions that the fund may use derivatives to manage investments more efficiently, this is explicitly stated as being for risk management purposes rather than as a core part of the investment strategy. The fund has a straightforward index-tracking objective, invests directly in liquid Singaporean equities, and has minimal derivative exposure. The risk profile is clearly disclosed, and the fund is classified as a UCITS-compliant product, which typically adheres to strict regulatory standards for transparency and investor protection. The factsheet confirms the physical replication methodology and provides detailed information about the index constituents and performance, further supporting the non-complex classification.",
    "confidence": 95
}