{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World ex USA UCITS ETF",
    "investment_objective": "To track the performance, before fees and expenses, of the MSCI World ex USA Index, which reflects large and mid-cap companies from global developed markets excluding the USA.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets excluding the United States of America",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses direct physical replication by buying all or a substantial number of the securities in the MSCI World ex USA Index. The KIID and PRIIPs documents confirm that derivatives may be used only for risk management, cost reduction, or efficiency improvements, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and not a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid, transparent equity securities. The risk profile is medium (4 out of 7) in the PRIIPs KID, reflecting normal market risks rather than complexity. Fees are simple with a TER of 0.15%, no performance fees, and no complex fee structures. The factsheet confirms physical replication and no use of leverage or inverse strategies. No capital protection or structured features are present. The index tracked is a broad, well-known MSCI index without complex derivatives embedded. No references to contingent bonds, leverage, or complex structured products were found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}