{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure",
        "Potential tracking error due to swap pricing",
        "Concentration risk in MLPs",
        "Risk category 7 (higher risk profile)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and potential tracking error. The Morningstar MLP Composite Index tracks energy MLPs, which are complex underlying assets due to their tax structure and distribution characteristics. The fund's risk category 7 indicates a higher risk profile, and the PRIIPs KID confirms the use of swaps for replication. While the ETF is UCITS-compliant, the synthetic structure and counterparty risk make it complex under MiFID II.",
    "confidence": 90
}