{
    "fund_name": "MSCI Emerging ESG Filtered Min TE UCITS ETF EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication with swaps",
        "Counterparty risk from swaps",
        "Complex ESG index methodology"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The ETF uses synthetic replication with swaps, which introduces counterparty risk and makes it more complex than physical replication. The KIID explicitly mentions 'substitute basket' and 'performance is swapped with the performance of the index,' indicating derivative usage. While the ETF is UCITS-compliant and has a straightforward investment objective, the use of swaps and the complexity of the underlying ESG-filtered index (which involves multiple exclusion criteria and ESG scoring) contribute to its classification as complex. The PRIIPs KID and factsheet would likely confirm these findings, as synthetic ETFs often carry additional disclosures about derivative risks. The confidence level is high (85) due to clear language in the KIID about swap usage, but not 100% because the PRIIPs KID and factsheet were not fully analyzed for additional context."
}