{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Emerging Markets UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Total Return Net Emerging Markets Index by direct physical replication of the underlying securities, as confirmed by the factsheet stating 'Portfolio Methodology: Direct Replication (physically)'. The KIID and PRIIPs KID documents mention that derivatives may be used only for risk management, cost reduction, or efficiency improvements, not as an inherent part of the investment strategy, so derivatives exposure is minimal and incidental. There is no mention of synthetic replication, swap agreements, funded or unfunded swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7), consistent with direct equity exposure to emerging markets, without complexity flags such as capital protection or structured features. Costs are straightforward with a simple ongoing charge of 0.18% and no performance fees or swap fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The index tracked is a broad, rules-based emerging markets equity index with 1,252 constituents, which is transparent and liquid. No references to roll costs, contango, or backwardation effects are present, which would indicate complexity. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II criteria."
}