{
    "complex": true,
    "classification": "complex",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded Swaps",
        "Synthetic Replication",
        "Counterparty Risk"
    ],
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and complexity beyond physical replication. The KIID explicitly states the use of swap agreements to exchange performance, and the risk section highlights derivative-related risks, including counterparty exposure. The risk category is 6, indicating higher complexity. The PRIIPs document reinforces the reliance on counterparties for performance delivery, and the factsheet confirms the synthetic replication method with a swap fee of 0.35% p.a.",
    "confidence": 95
}