{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Utilities UCITS ETF",
    "investment_objective": "To replicate the performance, before fees and expenses, of the MSCI World Utilities Total Return Net index",
    "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 Utilities Total Return Net index by buying all or a substantial number of the underlying securities. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only that derivatives may be used for risk management purposes, which does not trigger complexity classification. The fund is UCITS compliant and uses direct physical replication. The risk profile is medium (4 out of 7), consistent with equity sector exposure, but no leverage or inverse exposure is present. The fund invests in liquid, transparent equities in the utilities sector across developed markets. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25% 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 without complex derivative or leverage features, supporting a non-complex classification under MiFID II."
}