{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers S&P Select Frontier Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the S&P Select Frontier Index, which tracks 40 of the largest and most liquid companies from frontier markets.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Frontier markets (smaller or less developed economies than emerging markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Investment in frontier markets with higher risk and lower liquidity",
        "Derivative instruments used as inherent part of strategy"
    ],
    "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 is a key complexity indicator under MiFID II. The fund carries counterparty risk as noted in the documents, and the use of swaps is inherent to the strategy rather than for risk management only. The risk profile is medium to high (risk category 4 in PRIIPs KID and 6 in KIID), reflecting the volatility of frontier markets and derivative usage. There is no leverage or inverse exposure, but the synthetic structure and derivative counterparty risk classify the ETF as complex. The factsheet confirms indirect replication via swaps and highlights counterparty risk. No capital protection or structured features are present. Costs include ongoing charges around 0.95%-2.21%, with no performance fees. The PRIIPs KID does not include a comprehension warning but the derivative and swap usage, combined with frontier market exposure, drive complexity classification under MiFID II."
}