{
    "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-based sector selection)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through swap agreements with counterparties, which introduces counterparty risk and complexity. While there is no leverage or inverse exposure, the use of derivatives for replication and the complex index methodology (based on CAPE ratios and monthly sector rebalancing) make the fund's strategy less transparent and more difficult for retail investors to understand. The KIID explicitly mentions derivative and counterparty risk as material risks, further supporting the complex classification. The PRIIPs KID and factsheet confirm the synthetic replication method and the complex index construction.",
    "confidence": 90
}