{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Emerging market focus"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to achieve exposure to the MSCI Pakistan Investable Market Total Return Net Index. Key complexity indicators include: 1) Synthetic replication with swap counterparty risk, 2) Exposure to frontier markets (Pakistan), which introduces additional political, economic, and liquidity risks, 3) Risk rating of 6/7, indicating high volatility and potential losses. While the fund does not use leverage or inverse strategies, the combination of swap-based replication and frontier market exposure makes it complex under MiFID II. The PRIIPs KID and factsheet confirm the use of derivatives and counterparty risk, reinforcing the complexity classification.",
    "confidence": 90
}