{
    "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 complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swap agreements to track the CSI 300 Index, which introduces counterparty risk and complexity. While the fund is UCITS-compliant and does not employ leverage or inverse strategies, the reliance on derivatives for replication and exposure to Chinese equities (an emerging market) elevates its complexity under MiFID II. The KIID and PRIIPs documents highlight counterparty risk and the potential for significant tracking error, further supporting the 'complex' classification. The fact that the fund does not invest directly in the underlying securities but instead uses derivatives to replicate the index performance is a key factor in this determination.",
    "confidence": 90
}