{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Emerging Markets ESG UCITS ETF",
    "investment_objective": "To track the performance, before fees and expenses, of the MSCI EM Low Carbon SRI Selection Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI Emerging Markets Low Carbon SRI Selection Index. The fund invests directly in a diversified portfolio of large and mid-cap emerging market equities with ESG and low carbon criteria. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only mentions derivatives in the context of risk management techniques, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage or inverse strategies. The risk profile is medium-high (5/7), reflecting emerging market equity risk rather than structural complexity. The factsheet confirms direct physical replication with 347 index constituents and no indication of complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with a TER of 0.25% and no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use solely for risk management, qualifying it as non-complex under MiFID II."
}