{
    "fund_name": "Xtrackers MSCI Europe Value UCITS ETF",
    "isin": "LU0486851024",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of MSCI Europe Enhanced Value TRN Index",
        "No leverage or inverse exposure",
        "No synthetic replication or swap usage",
        "Direct investment in European equities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Enhanced Value TRN Index, which consists of large and mid-cap European equities selected based on value characteristics. The fund does not employ leverage, inverse strategies, or synthetic replication methods. The risk profile is classified as category 6 (higher risk), but this is due to the underlying equity exposure rather than structural complexity. The fund's investment policy explicitly states it aims to replicate the index by buying all or a substantial number of the securities in the index. While the fund may use derivatives for risk management, the factsheet confirms 'Direct Replication (physically)' as the portfolio methodology. There are no indications of swap agreements, unfunded swaps, or counterparty risk in the KIID or factsheet. The fund's charges are straightforward (0.15% ongoing charges), and there are no performance fees or complex fee structures. The risk disclosures focus on market risks associated with equity investing rather than derivative-specific risks. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}