{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Energy UCITS ETF",
    "investment_objective": "To replicate the performance, before fees and expenses, of the MSCI World Energy Total Return Net index, which reflects the performance of listed shares of companies in the energy 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 uses physical replication by buying all or a substantial number of the securities in the MSCI World Energy Total Return Net index. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only derivatives possibly used for risk management which does not trigger complexity. The fund is UCITS compliant and invests directly in liquid, transparent equity securities of large and mid-cap companies in the energy sector. The risk profile is high (category 6 out of 7) due to sector concentration and market volatility, but this is typical for sector ETFs and does not imply complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. Costs are straightforward with a TER of 0.25% and no performance fees. Securities lending is minimal and disclosed. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps or synthetic structures. Therefore, the ETF is classified as non-complex under MiFID II."
}