{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the STOXX Europe 600 Banks Index. This introduces counterparty risk and complexity beyond physical replication. The KIID explicitly mentions 'Financial Derivative Instruments (FDI)' and highlights counterparty risk as a significant factor. The factsheet confirms the replication type as 'synthetical,' reinforcing the use of derivatives. While the ETF does not employ leverage or inverse strategies, the reliance on swaps for replication and the associated counterparty risk make it complex under MiFID II rules. The risk profile (SRRI 5) and the need for investors to understand swap mechanics further support this classification.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": true,
    "capital_protection": false,
    "illiquid_assets": false,
    "structured_features": false,
    "comprehension_warning": false
}