{
    "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 (EURO STOXX Optimised Banks) is relatively straightforward, the use of swaps and the synthetic structure make the ETF complex under MiFID II. The KIID and PRIIPs KID highlight risks like counterparty insolvency and tracking error, which are typical complexity indicators. The fund's risk category (7) also suggests higher complexity. The fact sheet confirms the synthetic replication method and swap usage, reinforcing the classification.",
    "confidence": 90
}