{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Emerging Markets UCITS ETF",
    "investment_objective": "To replicate the performance, before fees and expenses, of the MSCI Total Return Net Emerging Markets index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global Emerging 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 Emerging Markets Total Return Net Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Direct Replication (physically)'. The KIID and PRIIPs documents mention that derivatives may be used only for risk management, cost reduction, or efficiency improvements, not as a core part of the investment strategy, so derivatives exposure is incidental and not inherent. There is no mention of synthetic replication, swap agreements, or counterparty risk. No leverage, inverse or amplified exposure is present. The underlying assets are large and mid-cap emerging market equities, which are liquid and transparent. The risk profile is medium (4 out of 7), consistent with equity market risk but not indicating complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.18%, no performance fees, and minimal securities lending revenue. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no use of swaps and direct physical replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}