{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Materials UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI World Materials Total Return Net index by buying all or a substantial number of the securities in the 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 Materials Total Return Net index by purchasing the underlying equities directly or a substantial number of them. The KIID and PRIIPs KID documents confirm the use of physical replication, with no mention of synthetic replication, swap agreements, or funded/unfunded swaps. Derivatives are only used for risk management purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap equities in the materials sector from developed markets, which are liquid and transparent. The risk profile is moderately high (6/7 in KIID, 5/7 in PRIIPs) due to sector concentration and equity market volatility, not due to structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25%, no performance fees, and minimal securities lending revenue. The factsheet confirms direct physical replication and no use of swaps or complex derivatives. No complexity flags such as contingent bonds, leverage, or synthetic structures are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}