{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI Korea UCITS ETF (1C) is classified as non-complex under MiFID II based on the following analysis: 1) Physical replication method (confirmed in the factsheet), 2) No leverage or inverse exposure, 3) No synthetic replication or swap agreements mentioned, 4) UCITS-compliant structure with straightforward equity exposure, 5) Risk profile (category 7) aligns with the emerging market nature of Korean equities without additional complexity, 6) Derivatives are only mentioned for risk management (not core strategy), 7) No capital protection features or structured products. The fund's complexity factors are limited to typical emerging market risks (political, economic, liquidity) without additional layers of complexity. The factsheet explicitly states 'Direct Replication (physically)' and the KIID confirms no swap usage or synthetic replication. While the index has caps on constituent weights, this is standard index methodology and doesn't introduce complexity. The absence of derivatives in the core strategy and the physical replication method are the primary reasons for the non-complex classification.",
    "confidence": 95
}