{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index complexity (MSCI Emerging Markets ex China)"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Emerging Markets ex China UCITS ETF is classified as non-complex. The fund aims to passively track the MSCI Emerging Markets ex China Index, which is a free float-adjusted market capitalisation weighted index. The KIID states that the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index, indicating a physical replication strategy, which is generally considered non-complex. The KIID does not mention the use of derivatives for investment purposes, but rather for efficient portfolio management ('techniques and instruments in order to manage risk, reduce costs and improve results'), which, if limited and not integral to the strategy, does not automatically classify it as complex. The risk profile is categorized as 6 out of 7, indicating high volatility and potential for significant losses, but this is related to market risk and not structural complexity. The KIID also mentions securities lending to generate income, which can introduce counterparty risk but is not cited as a primary driver of complexity in this case, and the ongoing charges are low (0.16%). Given the physical replication and the absence of embedded derivatives or other complex structural features that would impede a retail investor's understanding, the ETF is considered non-complex, despite the inherent risks of emerging markets investments."
    }
}