{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication via swaps; investments in shares of a Pakistani index, introducing counterparty risk",
        "classification": "complex",
        "supporting_data": "This UCITS ETF is classified as complex due to its reliance on financial contracts (derivatives) with swap counterparties to replicate the MSCI Pakistan Investable Market Total Return Net index. This synthetic replication introduces counterparty risk, as the fund's returns depend on the performance of these derivatives. The KID states that returns and gains are not distributed but reinvested in the fund implying a potential for compound complexity. Reference: MiFID II Supervisory briefing, paragraph 15; Section 2.1; Section 2.3; and CESR/09-295 regarding derivatives. The fund's risk profile, categorized as 6/7, also highlights the likelihood of volatility. The ETF uses swaps to deliver the investment objective and has a complex structure so will require a comprehension alert in the KID. (MiFID II Supervisory briefing, Section 2.3). "
    }
}