{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Financial Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) with counterparties such as Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk, high volatility, and liquidity risk. The factsheet further confirms the use of an OTC swap and highlights counterparty risk as a significant factor. While the ETF does not employ leverage or inverse strategies, the reliance on swaps and the associated counterparty risk, combined with the synthetic replication method, classifies it as complex under MiFID II.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "The MSCI AC Asia Ex Japan Index is a broad, market-capitalization-weighted index, but the synthetic replication and swap usage introduce additional layers of complexity beyond the underlying benchmark."
}