{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI World ESG UCITS ETF",
    "investment_objective": "To track the performance, before fees and expenses, of the MSCI World Low Carbon SRI Selection 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 physically replicates the MSCI World Low Carbon SRI Selection Index by buying all or a substantial number of the 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 purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund is UCITS compliant, with a straightforward index-tracking objective investing in liquid, transparent large and mid-cap equities globally. The risk profile is medium (4 out of 7 in PRIIPs), reflecting market risk rather than structural complexity. No leverage, inverse exposure, capital protection, or complex underlying assets such as contingent convertible bonds or CLOs are present. The cost structure is simple with a TER of 0.20% and no performance fees or swap fees. The index tracked is rules-based but not complex in a way that would trigger MiFID II complexity classification. Therefore, the ETF is classified as non-complex under MiFID II."
}