{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Swaps",
        "Synthetic Replication",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity. The KIID explicitly states that the Fund will use unfunded swaps to exchange the performance of a basket of equities for the performance of the S&P Select Sector Capped 20% Utilities Index. This synthetic replication method, along with the associated counterparty risk, is a key indicator of complexity under MiFID II. Additionally, the risk category is 6, which is relatively high, and the document highlights risks related to derivatives and counterparty exposure. The presence of swap fees (10% p.a.) further underscores the complexity of the structure.",
    "confidence": 90
}