{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure",
        "Potential tracking error due to swap pricing"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and potential tracking error. While the underlying index (S&P Select Sector Capped 20% Financials Index) is relatively straightforward, the use of swaps for replication makes the fund's performance dependent on counterparty performance. The KIID explicitly mentions 'synthetic ETF risk' and 'insolvency of counterparties' as risks, which are key complexity indicators under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method and swap usage, reinforcing the complexity classification. The fund is UCITS-compliant, but this does not override the complexity determination due to the derivative-based replication strategy.",
    "confidence": 90
}