{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers MSCI India Swap UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI India TRN Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "India",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Use of derivatives for index exposure",
        "Emerging markets risk",
        "Tracking error and replication costs"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through swap agreements with one or more counterparties to achieve exposure to the MSCI India TRN Index, as explicitly stated in the KIID and PRIIPs KID. The fund does not invest directly in the underlying securities but relies on derivatives, specifically swaps, to obtain index returns. The KIID highlights counterparty risk due to swap counterparties, and derivative risk related to replication costs and market conditions. The risk profile is high (category 6 out of 7 in KIID, 5 out of 7 in PRIIPs KID), reflecting volatility and complexity. There is no leverage or inverse exposure, but the synthetic structure and derivative use inherently increase complexity. The fund is UCITS compliant but the use of unfunded swap agreements and counterparty exposure classifies it as complex under MiFID II. The factsheet confirms indirect replication via swaps and highlights emerging markets risk and counterparty risk. No capital protection or leverage is present. Costs are straightforward with no performance fees, but derivative-related costs exist. Overall, the synthetic swap-based replication and counterparty risk are the main drivers of complexity classification despite the fund\u2019s straightforward equity index objective."
}