{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Swap Agreements",
        "Counterparty Risk",
        "Emerging Market Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses a swap agreement as part of its replication strategy, which introduces counterparty risk and complexity. While it primarily uses physical replication, the presence of a derivative agreement (swap) with a counterparty and the exposure to emerging markets (China A-shares) with associated risks such as liquidity, regulatory, and currency risks contribute to its classification as complex. The risk level is rated 6 out of 7, indicating higher volatility and risk. Additionally, the fund's exposure to operational and liquidity risks in the Chinese market further supports the complex classification.",
    "confidence": 85
}