{
    "complex": true,
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using derivatives",
        "Counterparty risk from derivative instruments",
        "Investment in emerging market local currency debt securities (potentially complex due to currency and political risks)",
        "Potential exposure to contingent convertible bonds (CoCos) or other complex structured products"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses financial derivative instruments to gain exposure to underlying assets, which indicates synthetic replication. While the KIID does not explicitly state the use of swaps, the mention of 'financial derivative instruments' and the active management strategy suggests the potential for swap usage. The investment in emerging market local currency debt securities, which may include complex structured products like contingent convertible bonds, further contributes to the complexity. The risk profile (category 5) and the mention of counterparty risk in the KIID also support the classification as complex. The PRIIPs KID and factsheet do not provide additional information that would change this assessment.",
    "confidence": 85
}