{
    "complex": true,
    "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 (CAPE ratio-based sector selection)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swap agreements to track the Shiller Barclays CAPE US Sector Value Net TR Index, which introduces counterparty risk and complexity. The KIID explicitly mentions 'swap agreements' and 'counterparty risk,' which are key indicators of complexity under MiFID II. Additionally, the index's methodology, based on the CAPE ratio and dynamic sector selection, adds another layer of complexity. The risk rating of 6 on the synthetic risk and reward indicator further supports this classification.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "index_complexity": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "gearing": false,
    "tracking_error": 0.5,
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the combination of synthetic replication, counterparty risk, and the complex index methodology makes it a 'complex' instrument under MiFID II. The PRIIPs KID and factsheet reinforce this by highlighting the derivative and counterparty risks, as well as the dynamic nature of the index."
}