{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The Xtrackers MSCI World Quality ESG UCITS ETF is a UCITS-compliant, passively managed ETF that aims to track the performance of the MSCI World Quality Low Carbon SRI Screened Select Index by physically replicating the index constituents. The fund may use derivatives for efficient portfolio management (EPM) only, not as a core part of its investment strategy. The index is transparent, well-documented, and based on large- and mid-cap developed market equities, with additional ESG and quality factor screens. The fund's structure, risks (primarily market risk and tracking error), and investment objective are straightforward and easily understood by retail investors with basic knowledge. There is no significant leverage, no embedded derivatives, no synthetic replication, and no complex features such as contingent convertible bonds, swaps, or complex indices. The UCITS regulatory framework ensures diversification, liquidity, and transparency, supporting a non-complex classification under MiFID II[1]. Even though the fund may use derivatives for EPM, this use is limited and does not introduce material counterparty or collateral risk that would make the product complex for retail investors. The fund's risk profile (category 6) reflects market volatility, not structural complexity. All these elements align with the criteria in Article 57 of the MiFID II Delegated Regulation and the general presumption that UCITS ETFs are non-complex, absent features that introduce material complexity or opacity[1]."
}