{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Consumer Discretionary UCITS ETF",
    "investment_objective": "To reflect the performance, before fees and expenses, of the MSCI World Consumer Discretionary Total Return Net index by replicating the index through direct purchase of underlying securities.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global developed markets, Consumer Discretionary sector",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication by directly purchasing a substantial number of the underlying securities in the MSCI World Consumer Discretionary Total Return Net index. 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 is UCITS compliant and does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5/7) reflecting equity market volatility and sector concentration risk, but not complexity from structural features. There are no capital protection or structured product features. Costs are straightforward with a TER of 0.25%, no performance fees, and minimal securities lending revenue. 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. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, investing in liquid, transparent equity securities without embedded leverage or complex derivatives, thus classifying it as non-complex under MiFID II."
}