{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via over-the-counter swaps (OTC swaps) with counterparties like Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The KIID explicitly mentions the use of financial derivative instruments (FDIs) and highlights counterparty risk as a significant concern. The SRRI risk level is moderate (4 out of 7), but the presence of synthetic replication and counterparty risk elevates the complexity. The factsheet confirms the synthetic replication method and the use of swaps, reinforcing the classification as complex under MiFID II due to the inherent risks and the need for investors to understand the implications of synthetic replication and counterparty exposure.",
    "confidence": 95
}