{
    "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 unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity beyond physical replication. The KIID explicitly mentions the reliance on swap agreements and the potential for financial loss due to counterparty insolvency. Additionally, the risk profile is categorized as level 6, indicating higher risk and complexity. The synthetic replication method, combined with the use of derivatives (swaps), makes the ETF complex under MiFID II regulations.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "comprehension_warning": false,
    "benchmark_complexity": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "performance_fees": false,
    "securities_lending": true
}