{
    "fund_name": "Xtrackers S&P Select Frontier Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Frontier market exposure",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to achieve exposure to the S&P Select Frontier Index, which tracks frontier market equities. While the fund itself is not leveraged or inverse, the use of swaps introduces counterparty risk and complexity beyond simple physical replication. Frontier markets inherently carry higher risks due to political, regulatory, and liquidity factors. The KIID and PRIIPs documents highlight derivatives risk, counterparty risk, and frontier market risks as significant factors. The factsheet confirms indirect replication via swaps, reinforcing the complexity classification under MiFID II.",
    "confidence": 90
}