{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and complexity beyond simple physical replication. The STOXX Europe 600 Optimised Banks Index applies a sector-dependent liquidity cap and hybrid market cap weighting, adding to the complexity. While the ETF is UCITS-compliant and does not use leverage or inverse strategies, the use of swaps and the complex index methodology make it a complex financial instrument under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method and the risks associated with swap counterparties, further supporting the classification as complex.",
    "confidence": 90
}