{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the factsheet confirms the use of a swap agreement to replicate the index. While the ETF does not employ leverage or inverse strategies, the reliance on unfunded swaps and the associated counterparty risk make it complex under MiFID II. The risk profile (SRRI 4) and the presence of counterparty risk warnings further support this classification.",
    "confidence": 90
}