{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "complex_factors": [
        "FLEX Options usage",
        "Structured outcome strategy",
        "Complex index tracking with caps/buffers"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses FLEX Options (customized derivatives) to achieve a structured outcome with a 15% buffer and upside cap. While not leveraged or inverse, the synthetic replication via FLEX Options and the complex outcome-based strategy make this product inherently complex. The PRIIPs KID and fact sheet confirm the extensive derivative usage and structured nature, which requires specialized knowledge to understand. The risk profile (category 5) and the need to hold for full outcome periods further indicate complexity.",
    "confidence": 90
}