{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and complexity beyond simple physical replication. While the underlying index (MSCI Emerging Markets Asia) is a standard equity index, the use of derivatives for replication triggers MiFID II complexity classification. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk, which are key complexity indicators. The fact sheet confirms the synthetic replication method, reinforcing the classification. While the ETF is UCITS-compliant and tracks a straightforward equity index, the synthetic structure and derivative usage make it complex under MiFID II rules.",
    "confidence": 90
}