{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "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 mentions the use of swap agreements and the risks associated with synthetic replication, including the potential insolvency of counterparties. The risk category is 6, indicating higher risk, and the fund's performance is reliant on the counterparties delivering the benchmark performance as per the swap agreements. The presence of synthetic replication and the associated risks make this a complex instrument under MiFID II.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "comprehension_warning": false,
    "benchmark_complexity": "The STOXX Europe 600 Optimised Utilities Index applies sector-dependent liquidity caps and is rebalanced quarterly, which adds a layer of complexity to the benchmark tracking."
}