{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap to track the MSCI Emerging Markets Index, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the presence of a swap agreement indicates complexity under MiFID II. While the ETF does not use leverage or inverse strategies, the reliance on an unfunded swap for replication and the associated counterparty risk make it a complex instrument. The risk profile (SRRI 5) and the disclosure of counterparty risk further support this classification.",
    "confidence": 90
}