{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for index replication",
        "Counterparty risk from OTC derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives, including OTC derivatives, to replicate the index when direct investment is not possible or practicable. This introduces counterparty risk and additional complexity beyond simple physical replication. The KIID explicitly mentions the use of derivatives and the associated counterparty risk, which are key indicators of complexity under MiFID II. While the primary replication method is physical, the use of derivatives for index tracking when necessary and the explicit mention of counterparty risk suggest a level of complexity that requires additional investor understanding.",
    "confidence": 85,
    "risk_level": 3,
    "counterparty_risk": true,
    "benchmark_complexity": false,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "sustainability_risks": "not systematically integrated",
    "volatility": "low",
    "tracking_error": "low",
    "cost_structure": "simple",
    "comprehension_warning": false
}