{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Emerging Market Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The Xtrackers CSI300 Swap UCITS ETF uses synthetic replication via swap agreements to track the CSI300 Index, which introduces counterparty risk and complexity. The KIID explicitly mentions the use of derivatives and swap agreements, which are key indicators of complexity under MiFID II. Additionally, the fund's exposure to emerging markets (China) and the potential for significant tracking error further contribute to its classification as complex. The presence of counterparty risk and the need for investors to understand the implications of swap agreements are significant factors.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "emerging_market_exposure": true,
    "tracking_error_risk": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "comprehension_warning": false,
    "additional_notes": "While the fund does not use leverage or inverse strategies, the use of swaps and the associated counterparty risk, combined with the emerging market exposure, make it a complex instrument under MiFID II. The fund's risk level of 6 also supports this classification."
}