{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using unfunded OTC swaps",
        "Potential exposure to derivative counterparty risk",
        "Investment in equity futures"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through unfunded OTC swaps and exchange-traded equity futures, which introduces derivative counterparty risk and potential tracking error. While the fund's primary investment is in equity securities, the use of derivatives for replication purposes triggers MiFID II complexity classification. The PRIIPs KID may contain additional complexity warnings, and the monthly factsheet would confirm the extent of swap usage. The fund's risk profile (category 6) and lack of capital protection align with this classification.",
    "confidence": 85
}