{
    "fund_name": "Xtrackers MSCI Nordic UCITS ETF 2C - GBP Hedged",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging via derivatives",
        "Direct replication of Nordic equities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Nordic Countries Index, which consists of large and mid-cap Nordic equities. While it employs derivatives for currency hedging, this is a common practice in UCITS-compliant ETFs and does not introduce significant complexity. The fund does not use leverage, inverse strategies, or synthetic replication. The underlying index is straightforward, and the fund's risk profile is clearly disclosed. The fact sheet confirms direct replication (physically) and minimal derivative usage beyond currency hedging. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}