{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI EM Asia Screened Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI Emerging Markets Asia Select Screened Index using swap-based replication",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets Asia",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Use of derivatives inherent to strategy",
        "Emerging markets equity exposure",
        "ESG screening with complex index construction"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through swap agreements with one or more counterparties to achieve its investment objective, as explicitly stated in the KIID and factsheet. The fund invests in transferable securities and enters into financial contracts (derivatives) to obtain the return on the MSCI Emerging Markets Asia Select Screened Index. The replication method is indirect (swap-based), confirmed by the factsheet. There is explicit mention of counterparty risk and derivative risk, including the risk of counterparty insolvency leading to potential losses. The fund is UCITS compliant but uses derivatives not just for risk management but as an inherent part of the investment strategy, so 'derivatives' is true. There is no leverage or inverse exposure indicated. The risk profile is medium-high (category 6 in KIID, 4/7 in PRIIPs), reflecting the complexity and volatility of emerging markets and derivative usage. The index tracked is complex, incorporating ESG screening, carbon emission reduction rules, and country weight caps, which add to the complexity. No capital protection or structured features are present. Costs include ongoing charges of 0.65% but no performance fees. The PRIIPs KID does not carry a specific comprehension warning but highlights derivative and counterparty risks. Overall, the synthetic replication via swaps and the embedded counterparty risk are the main drivers for classifying this ETF as complex under MiFID II rules."
}