{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) with counterparties like Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk and high volatility. The fact sheet confirms the synthetic replication method and highlights counterparty risk as a key concern. While the ETF does not employ leverage or inverse strategies, the use of swaps and the associated counterparty risks make it complex under MiFID II rules.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "benchmark_complexity": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "hard_to_value_assets": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF is UCITS-compliant and tracks a straightforward equity index, but the synthetic replication via swaps introduces complexity due to counterparty risk. The absence of leverage or inverse exposure does not offset the complexity introduced by the swap agreements."
}