{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Total Return Swaps",
        "China A-Shares Access Products"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of total return swaps (up to 10% of assets) and potential exposure to China A-Shares Access Products (CAAP), which introduce additional layers of complexity and counterparty risk. While the primary replication method is physical, the use of swaps and CAAPs, along with the potential for securities lending (up to 30%), creates a structure that may not be fully transparent or easily understood by retail investors. The KIID explicitly mentions the use of derivatives for efficient portfolio management and investment purposes, which, combined with the emerging markets focus and ESG screening, adds to the complexity. The risk profile (category 6) and the presence of counterparty risk further support this classification.",
    "confidence": 0.85
}