{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World Industrials UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI World Industrials Total Return Net Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_sector_focus": "Global developed markets, Industrials sector",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS fund physically replicating the MSCI World Industrials Total Return Net Index by direct purchase of underlying equities. The KIID and PRIIPs KID explicitly state the fund aims to replicate the index by buying all or a substantial number of securities, with no mention of synthetic replication, swap agreements, or derivative instruments as part of the core strategy. Derivatives may be used only for risk management or cost reduction, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection mechanism. The risk indicator is moderate (4/7) consistent with equity sector concentration risk but not indicative of complexity. The factsheet confirms direct physical replication, no use of swaps, and a straightforward index methodology. No complex underlying assets such as contingent convertible bonds or CLOs are held. Securities lending is minimal and revenue sharing is disclosed but does not add complexity. No performance fees or multiple fee layers are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no embedded derivative complexity. Therefore, it is classified as non-complex under MiFID II."
}