{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, ESG criteria, and exposure to Emerging markets",
        "classification": "complex",
        "supporting_data": "The ETF employs synthetic replication using swaps to track the MSCI Emerging ESG Filtered Min TE Index.  This is a key indicator for classifying it as complex under MiFID II. The use of swaps introduces counterparty risk, a risk that retail investors may not readily understand. Furthermore, the index selection based on ESG criteria and exposure to Emerging markets adds to its complexity, especially when considering the average retail investor's knowledge. The KID document confirms this by highlighting the counterparty risk in the synthetic replication. Also, the ETF invests up to 40% in China A Shares which indicates further complexity.  The information in the key investor information document states 'When investing in a basket of securities called substitute basket the performance is swapped with the performance of the index, generating counterparty risk.' and the replication methodology uses swaps to reproduce the index performance, which introduces opacity and risks, this drives the asset towards complexity."
    }
}