{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) to track the MSCI AC Asia Pacific ex Japan Net Total Return Index. This introduces counterparty risk and complexity beyond simple physical replication. The PRIIPs KID explicitly mentions counterparty risk with Morgan Stanley Bank AG and Societe Generale, which is a key complexity factor under MiFID II. While the ETF is UCITS-compliant and tracks a mainstream equity index, the use of synthetic replication with swap agreements and the associated counterparty risk make it complex. The fact sheet confirms the replication is synthetic and highlights counterparty risk as a material risk factor. The index itself is not particularly complex, but the replication method and derivative usage trigger the complexity classification.",
    "confidence": 90
}