{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF",
    "investment_objective": "To reflect the performance of the iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted Index by physical replication of USD-denominated emerging market sovereign bonds with ESG and quality weighting criteria.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets Sovereigns (Governments and Central Banks)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the underlying index by directly purchasing USD-denominated emerging market sovereign bonds, as confirmed by the factsheet stating 'Direct Replication (physically)'. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. 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 bonds, including non-investment grade sovereign bonds, but these are straightforward fixed income securities without contingent convertible features or complex structured products. The risk profile is moderate (category 4 in KIID, 3/7 in PRIIPs KID), consistent with a bond ETF investing in emerging markets sovereign debt. No capital protection or structured features are present. Costs are simple with a single ongoing charge of 0.45% and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The index tracked is a quality-weighted ESG sovereign bond index, which is rules-based but not inherently complex or synthetic. Therefore, the fund is classified as non-complex under MiFID II criteria."
}