{
    "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 Financial Services Index applies a sector-dependent liquidity cap and hybrid market cap weighting, adding complexity to the underlying benchmark. The KIID and PRIIPs documents highlight risks associated with derivative usage, including counterparty insolvency and tracking error. The fund's risk category of 6 (out of 7) further indicates a higher complexity level. While the ETF is UCITS-compliant and tracks a financial services index, the synthetic structure and derivative reliance warrant a 'complex' classification under MiFID II.",
    "confidence": 85
}