{
    "complex": true,
    "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 synthetic replication via unfunded swaps to track the S&P 500 Index, which introduces counterparty risk and potential tracking error. While the underlying index (S&P 500) is straightforward, the use of swaps and the fact that the fund may purchase securities not in the index make the structure more complex. The PRIIPs KID and factsheet confirm the synthetic replication method and swap usage, which are key complexity indicators under MiFID II. The risk profile (category 6) and disclosures about counterparty risk further support the complex classification. The ETF is UCITS-compliant, but this does not automatically make it non-complex due to the synthetic structure.",
    "confidence": 90
}