{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Franklin FTSE Brazil UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. The fund uses physical replication (full replication) to track the FTSE Brazil 30/18 Capped Index, as confirmed in the factsheet. 2. There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or PRIIPs KID. 3. The fund does not employ leverage, inverse strategies, or capital protection mechanisms. 4. The underlying index consists of large and mid-cap Brazilian equities, which are relatively straightforward and transparent. 5. The fund is UCITS-compliant, which typically implies a higher standard of transparency and investor protection. 6. The risk profile is clearly disclosed and aligns with the expected risks of investing in Brazilian equities. 7. The fund's charges are straightforward (0.19% TER), with no performance fees or complex fee structures. The absence of derivative usage beyond efficient portfolio management (if any) and the transparent, physical replication method confirm that this ETF does not meet the criteria for a complex financial instrument under MiFID II.",
    "confidence": 95
}