{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI EM Europe, Middle East & Africa ESG Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI EM EMEA Low Carbon SRI Selection Capped Index, focusing on companies with lower carbon exposure and high ESG performance in European, Middle Eastern and African emerging markets.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets in Europe, Middle East & Africa",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Emerging Markets Exposure",
        "ESG Screening",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses synthetic replication via swap agreements to achieve its investment objective, explicitly stated as entering into financial contracts (derivatives) with one or more swap counterparties. The KIID and factsheet confirm the use of swaps and counterparty exposure, which is a key complexity indicator under MiFID II. There is no leverage or inverse exposure mentioned. The fund invests in emerging market equities with ESG and low carbon criteria, which adds complexity due to the nature of the underlying index and potential illiquidity or volatility in these markets. The risk profile is high (category 6 in KIID), reflecting significant price fluctuations and risks including counterparty risk and derivatives risk. The PRIIPs KID confirms the fund is UCITS compliant but also highlights derivatives risk and emerging markets risk. Costs include ongoing charges of 0.65% but no performance fees or complex fee structures. The synthetic replication and swap usage, combined with emerging market exposure and ESG screening, drive the classification as complex under MiFID II despite the absence of leverage or inverse features."
}