{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Emerging Markets Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI Total Return Net Emerging Markets index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global Emerging Markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Emerging Markets Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swap agreements to achieve its investment objective, explicitly stated in both the KIID and PRIIPs KID. The fund enters into financial contracts (derivatives) with one or more swap counterparties to obtain the return on the MSCI Emerging Markets index. The replication method is indirect (swap-based), confirmed by the factsheet. There is explicit mention of counterparty risk due to swap counterparties, which is a complexity factor. The fund does not use leverage or inverse strategies, and the risk profile is medium (4 out of 7) in the PRIIPs KID, but the use of derivatives is inherent to the strategy rather than for risk management only, so derivatives = true. The fund invests in emerging markets equities, which carry additional risks and complexity due to political and economic instability. No capital protection or structured features are present. Costs include ongoing charges of 0.49% but no performance fees. The PRIIPs KID does not carry a specific comprehension warning but highlights derivative and counterparty risks. The synthetic replication and swap usage, combined with counterparty risk and emerging markets exposure, drive the classification as complex under MiFID II rules."
}