{
    "fund_name": "Ossiam Shiller Barclays Cape US 1C (EUR)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Dynamic sector selection based on complex valuation metrics (CAPE ratio)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swap agreements with Barclays as the counterparty, introducing significant counterparty risk. The investment strategy involves dynamic exposure to global equity sectors based on the CAPE (Cyclically Adjusted Price Earnings) Indicator, which adds complexity beyond standard index tracking. The KIID explicitly mentions derivative and counterparty risk as material risks not fully captured by the risk indicator. The fund's risk rating of 6/7 further supports its complex classification under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": true,
    "benchmark_complexity": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "controversial_assets": false,
    "additional_notes": "While the ETF does not employ leverage or inverse strategies, the combination of synthetic replication, significant counterparty risk, and a complex benchmark methodology (CAPE ratio-based sector selection) warrants classification as a complex instrument under MiFID II. The PRIIPs KID does not introduce additional complexity factors beyond those identified in the KIID."
}