{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Financials UCITS ETF",
    "investment_objective": "To replicate the performance, before fees and expenses, of the MSCI World Financials Total Return Net index, which reflects the performance of listed shares of companies in the financials sector from developed countries.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI World Financials Total Return Net index by buying all or a substantial number of the underlying securities. The KIID and PRIIPs documents confirm the use of physical replication rather than synthetic replication. Although the fund may use derivatives for risk management and cost reduction, these are not inherent to the investment strategy and are limited in scope, thus derivatives are marked false. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. The fund is UCITS compliant and invests directly in liquid, transparent equity securities of financial sector companies. The risk profile is medium-high (5/7), reflecting sector concentration and market risk rather than structural complexity. No leverage, inverse or amplified return features are present. The factsheet confirms direct physical replication and no synthetic or swap-based replication. Securities lending is used but does not increase complexity under MiFID II. No capital protection or structured features are present. The fund's complexity is low, with a straightforward index-tracking objective and transparent holdings. Therefore, the fund is classified as non-complex under MiFID II rules."
}