{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF",
    "investment_objective": "To replicate the performance of the J.P. Morgan Government Bond Index-Emerging Markets Global Div 10% Cap 0.25% Floor Index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets Sovereign Debt",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the underlying index by directly purchasing a portfolio of sovereign bonds issued by emerging market governments in local currency. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. The fund is UCITS compliant, with a straightforward index-tracking objective focused on emerging market government bonds. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, and 5 in KIID reflecting emerging market and credit risks), but this is due to the underlying asset class and geography rather than structural complexity. No leverage, inverse exposure, capital protection, or structured features are present. Costs are simple with a TER of 0.25%, no performance fees, and no swap or derivative fees. The index tracked is a diversified sovereign bond index with caps and floors on country weights, but this does not add complexity to the ETF itself. No complexity warnings or comprehension warnings appear in the PRIIPs KID. The fund engages in securities lending, but this is standard and does not increase complexity. Overall, the ETF is a physically replicated, straightforward bond index tracker without synthetic or leveraged elements, thus classified as non-complex under MiFID II."
}