{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) with counterparties such as Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The KIID explicitly mentions financial derivative instruments and the risks associated with them, including leverage risk and high volatility. The factsheet confirms the use of an OTC swap for replication, which is a key indicator of complexity under MiFID II. While the ETF does not employ leverage or inverse strategies, the reliance on swaps and the associated counterparty risks make it a complex instrument.",
    "confidence": 90
}