{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Potential tracking error"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and potential tracking error. While the underlying index (NASDAQ-100) is straightforward, the use of swaps and the synthetic structure make the ETF complex under MiFID II. The PRIIPs KID and factsheet confirm the swap-based replication method and highlight counterparty risk as a key risk factor. The ETF is UCITS-compliant, but the synthetic nature and swap exposure trigger the 'complex' classification.",
    "confidence": 90
}