{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Emerging Markets ex China UCITS ETF",
    "investment_objective": "Track the performance of the MSCI Emerging Markets ex China Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets excluding China",
    "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 fund physically replicating the MSCI Emerging Markets ex China 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 derivative instruments used as part of the investment strategy, only limited use of derivatives for risk management purposes, which does not trigger complexity. The fund does not employ leverage or inverse strategies. The risk profile is medium (4 out of 7), consistent with equity market risk rather than complexity. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.16%) and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The underlying index is a broad, free-float market cap weighted equity index without complex structured products or contingent bonds. Securities lending is minimal and revenue sharing is disclosed but does not increase costs. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with transparent holdings and no significant counterparty risk exposure. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}