{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of swaps for replication",
        "Emerging market local currency bonds",
        "Potential counterparty risk from derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses physical replication but may employ swaps for efficient portfolio management, which introduces counterparty risk. The focus on emerging market local currency bonds adds complexity due to currency, credit, and liquidity risks. While the replication method is physical, the use of derivatives (including swaps) for replication purposes and the exposure to complex emerging market instruments (e.g., CIBM bonds) contribute to the classification as complex under MiFID II. The PRIIPs KID and factsheet confirm the use of derivatives and highlight risks like counterparty exposure, which are key complexity indicators.",
    "confidence": 85
}