{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Europe UCITS ETF",
    "investment_objective": "To replicate the performance of the MSCI Total Return Net Europe Index by buying all or a substantial number of the securities in the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "European developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically replicating the MSCI Total Return Net Europe Index by direct purchase of underlying shares. The KIID and PRIIPs KID documents confirm the fund uses derivatives only for risk management purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage or inverse strategies. The risk profile is medium-high (5/7) reflecting equity market risk, not complexity. The factsheet confirms direct replication with no swap usage and a broad, liquid index of large and mid-cap European equities. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. The fund\u2019s complexity is low, with a clear, linear relationship to the underlying index performance. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}