{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure",
        "Derivative instruments usage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that tracks the S&P Global Infrastructure Index using synthetic replication through swap agreements with one or more counterparties. The KIID explicitly states the use of financial contracts (derivatives) and swap counterparties to achieve the investment objective, indicating synthetic replication rather than physical. The fund does not invest directly in the underlying securities but gains exposure via derivatives, which introduces counterparty risk as highlighted in both the KIID and PRIIPs KID. There is no leverage or inverse exposure mentioned, and the risk profile is medium (4 out of 7), but the presence of swaps and derivatives as an inherent part of the strategy classifies the ETF as complex under MiFID II. The factsheet confirms indirect replication (swap) methodology and highlights counterparty risk. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap-related costs are implied. The complexity arises mainly from the synthetic replication method and associated counterparty and derivative risks, which may not be easily understood by retail investors, fulfilling MiFID II complexity criteria."
}