{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers Stoxx Global Select Dividend 100 Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the STOXX\u00ae Global Select Dividend 100 index, which tracks 100 shares of companies with the highest dividends in developed countries.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (Americas, Europe, Asia/Pacific)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Derivative instruments usage",
        "Rules-based index with potential tracking error"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through swap agreements with one or more counterparties to achieve its investment objective, explicitly stated in both the KIID and PRIIPs KID. The fund does not invest directly in the underlying securities but gains exposure via derivatives, which introduces counterparty risk. The replication method is indirect (swap-based), confirmed by the factsheet. There is no leverage or inverse exposure, but the use of total return swaps and derivative contracts is inherent to the strategy, not merely for risk management. The risk profile is medium (4 out of 7), but the complexity arises primarily from the synthetic structure and counterparty exposure. The fund tracks a rules-based index that may cause tracking error and is not adjusted for changing market conditions, adding to complexity. Costs include swap-related expenses embedded in the ongoing charges. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but highlights derivative and counterparty risks. Overall, the synthetic replication and swap usage mandate classification as complex under MiFID II rules."
}