{
    "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 (Russell 2000) is straightforward, the use of derivatives for replication and the associated risks (e.g., counterparty insolvency, spread between swap and index pricing) elevate the complexity. The risk category 7 rating and disclosures about synthetic ETF risks further support this classification. The PRIIPs KID confirms synthetic replication and highlights counterparty risk, reinforcing the complexity determination.",
    "confidence": 90
}