{
    "fund_name": "Tabula ICAV - Tabula Haitong Asia ex-Japan High Yield Corp USD Bond Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High yield bonds",
        "Emerging markets exposure",
        "ESG screening complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a sampling strategy to track the iBoxx MSCI Scored & Screened Tilted USD Asia ex-Japan High Yield Capped TCA Index. It does not employ leverage, inverse strategies, or synthetic replication. While it invests in high-yield bonds and emerging markets, which carry inherent risks, the structure itself is straightforward. The ESG screening adds a layer of complexity in terms of understanding the selection criteria, but this does not make the product structurally complex under MiFID II. The KIID explicitly states that the fund uses a sampling strategy and does not rely on derivatives or swaps for replication. The risk profile is high (rated 6) due to the nature of the underlying assets, but this does not equate to structural complexity.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": "Mentioned but not a primary driver of complexity",
    "liquidity_risk": "Present due to high-yield and emerging markets exposure",
    "esg_complexity": "Screening process adds complexity in understanding but not structural complexity",
    "benchmark_complexity": "Index includes ESG tilts and screens, which may be complex to understand but does not make the ETF structurally complex"
}