{
    "fund_name": "Xtrackers MSCI USA UCITS ETF",
    "fund_type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (direct purchase of underlying securities) as confirmed in the factsheet ('Direct Replication (physically)'). There is no mention of synthetic replication, swaps, or leverage in the KIID or factsheet. The fund tracks the MSCI Total Return Net USA Index, which is a broad, transparent equity index. The risk profile is straightforward (category 6 in the risk/reward indicator), and the fund has a low ongoing charge (0.07%). The factsheet confirms the fund provides diversified exposure to large and mid-cap US equities. No complex features like capital protection, structured products, or contingent bonds are mentioned. The use of derivatives is limited to efficient portfolio management (e.g., hedging, reducing transaction costs) and does not materially alter the risk profile. The fund is UCITS-compliant, which typically aligns with non-complex classification under MiFID II.",
    "confidence": 95
}