In the synthetic replication of an index (e.g. MSCI World), the individual securities are not actually purchased (physical replication) but synthetically replicated (synthetic replication). Any securities can be used to replicate the MSCI World. Their yield is exchanged for the desired yield development of the MSCI World by means of a swap transaction. In addition to the risk of the index, a synthetically replicated investment fund also contains a counterparty risk due to the swap transactions entered into.