{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using unfunded OTC swaps",
        "Potential counterparty risk from derivatives",
        "Concentration risk in niche sector"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded OTC swaps and exchange-traded equity futures for replication, which introduces counterparty risk and complexity beyond physical replication. While the fund tracks a straightforward equity index, the synthetic replication method and derivative usage trigger MiFID II complexity classification. The PRIIPs KID may contain additional complexity warnings that reinforce this assessment. The fact sheet would confirm whether the swap usage is for efficient portfolio management or more extensive derivative strategies.",
    "confidence": 85
}