{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI EMU UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI EMU index by replicating the index before fees and expenses.",
    "primary_asset_class": "Equity",
    "geographic_focus": "European Economic and Monetary Union (EMU) countries - Austria, Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI EMU index by buying all or a substantial number of the underlying securities, indicating physical replication. The KIID and PRIIPs documents mention that derivatives may be used only for risk management or cost reduction, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not structural. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage or inverse strategies. The underlying assets are large and mid-cap equities from developed EMU countries, which are liquid and transparent. The risk rating is 6 in the KIID (reflecting equity market risk) and 5 in the PRIIPs KID (medium-high risk), consistent with equity market volatility but not complexity. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. Securities lending is minimal and disclosed transparently. The factsheet confirms direct physical replication and no use of swaps. There are no capital protection or structured features. The MSCI EMU index tracked is a standard, rules-based equity index without complex derivatives embedded. No complexity flags such as contingent convertible bonds, leverage, or structured products are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}