{
    "fund_name": "Xtrackers MSCI Philippines UCITS ETF",
    "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 investment in underlying securities) as confirmed in the factsheet ('Portfolio Methodology: Direct Replication (physically)'). There is no mention of synthetic replication, swaps, or leverage in either the KIID or factsheet. The index tracked (MSCI Philippines Investable Market Total Return Net Index) is a straightforward equity index covering large, mid, and small-cap Philippine equities. The risk profile (category 6) is consistent with emerging market equities but does not indicate complexity beyond typical equity market risks. The fund's charges (0.65% TER) are standard for passive equity ETFs. No capital protection, structured features, or inverse strategies are present. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}