{
    "fund_name": "Franklin FTSE Korea UCITS ETF",
    "isin": "IE00BHZRR030",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward equity index",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No complex underlying assets (e.g., CoCos, AT1 bonds, CLOs)",
        "No significant counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The Franklin FTSE Korea UCITS ETF is a physically replicated ETF that tracks the FTSE Korea 30/18 Capped Index, which consists of large and mid-cap Korean equities. The KIID and PRIIPs KID confirm that the fund uses physical replication (full replication) and does not employ derivatives for investment purposes. The fund's investment strategy is straightforward, focusing on passive tracking of a transparent equity index. There is no mention of swaps, leverage, inverse exposure, or complex underlying assets. The risk profile is typical for an equity ETF, with risks such as market volatility, concentration risk, and emerging markets risk clearly disclosed. The fund is UCITS-compliant, which inherently limits the use of derivatives and complex strategies. The absence of derivatives beyond efficient portfolio management (EPM) and the transparent, liquid nature of the underlying assets further support the non-complex classification.",
    "confidence": 95
}