{
    "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 by buying all or a substantial number of the securities in the index.",
    "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 is a UCITS fund physically replicating the MSCI World ex USA Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. There is no mention of synthetic replication, swap agreements, or total return swaps in any document. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure language. The underlying assets are large and mid-cap equities from developed markets, which are liquid and transparent. The risk profile is medium (4 out of 7) in the PRIIPs KID, consistent with equity market risk but not indicating complexity. No capital protection or structured features are present. Costs are straightforward with a simple ongoing charge of 0.15% and no performance fees or swap fees. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The fund's tracking error is low (anticipated 1%), and the index is a standard MSCI equity index without complex derivatives embedded. Therefore, the fund does not meet any MiFID II complexity criteria related to synthetic replication, leverage, complex underlying assets, or structured features."
}