{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure",
        "Emerging market complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI India Index, which introduces counterparty risk and derivative exposure. While the fund is UCITS-compliant and tracks a straightforward equity index, the use of swaps for replication (rather than physical holding of securities) and the emerging market focus (with associated liquidity and political risks) contribute to its classification as complex under MiFID II. The KIID explicitly mentions counterparty risk and the indirect replication methodology, which are key complexity indicators. The PRIIPs KID and factsheet confirm the synthetic replication approach and emerging market exposure, reinforcing the complexity assessment.",
    "confidence": 90
}