{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI Indonesia Swap UCITS ETF",
    "investment_objective": "To track the performance of the MSCI Indonesia TRN Index using swap agreements",
    "primary_asset_class": "Equity",
    "geographic_focus": "Indonesia (Emerging Markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Emerging markets exposure",
        "Derivative usage inherent to 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 index components but gains exposure via derivatives, which is a key complexity indicator under MiFID II. The documents mention counterparty risk explicitly, highlighting the risk of loss if the swap counterparty defaults. There is no leverage or inverse exposure, but the use of total return swaps and derivative contracts is inherent to the fund's strategy rather than for risk management only, so 'derivatives' is marked true. The fund is UCITS compliant but tracks an emerging markets index, which adds to complexity due to market volatility and liquidity risks. The risk profile is medium-high (5/7), consistent with the complexity of synthetic replication and emerging market exposure. No capital protection or structured features are present. Costs include ongoing charges of 0.65% but no performance fees. The factsheet confirms indirect replication via swaps and counterparty exposure. Overall, the synthetic swap-based replication and counterparty risk are the main drivers for classifying this ETF as complex under MiFID II."
}