{
    "fund_name": "ESG Quality Europe",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Counterparty risk from swaps"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a substitute basket of securities where performance is swapped with the index, introducing counterparty risk. The KIID explicitly mentions 'synthetic replication' and 'counterparty risk,' which are key indicators of complexity under MiFID II. While the fund does not use leverage or inverse strategies, the reliance on swaps and the potential for tracking error due to counterparty risk make it complex. The risk profile is moderate (category 4), but the synthetic structure and associated risks outweigh this.",
    "confidence": 85,
    "risk_level": 4,
    "counterparty_risk": true,
    "esg_focus": true,
    "benchmark_complexity": "moderate",
    "liquidity_risk": "moderate",
    "cost_structure": "simple",
    "comprehension_warning": false,
    "additional_notes": "The ETF's synthetic replication and swap usage are the primary drivers of its 'complex' classification. While the fund is UCITS-compliant and has a clear ESG focus, the derivative exposure for replication purposes introduces complexity that requires investor understanding of counterparty risk."
}