{
    "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 Taiwan UCITS ETF uses physical replication to track the MSCI Taiwan 20/35 Custom Index, which consists of large and mid-cap Taiwanese equities. The KIID explicitly states that the fund employs derivatives only for risk management, cost reduction, and efficiency improvements, not as a core strategy. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile is classified as category 6, but this is due to the volatility of the underlying Taiwanese equities market rather than structural complexity. The fund is UCITS-compliant, has a straightforward fee structure, and provides regular disclosures. The factsheet confirms direct replication and lists no additional complexity factors such as illiquid assets or structured products.",
    "confidence": 95
}