{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses physical replication but engages in swap agreements with counterparties (Morgan Stanley Bank AG and Societe Generale), exposing it to counterparty risk. The KIID explicitly mentions 'counterparty risk' and 'financial derivative instruments traded over the counter,' which are key indicators of complexity under MiFID II. Additionally, the factsheet highlights the use of OTC swaps, further reinforcing the complexity classification. While the ETF is UCITS-compliant and primarily uses physical replication, the presence of swap agreements and associated counterparty risks makes it a complex instrument.",
    "confidence": 0.9
}