{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Use of financial derivative instruments for direct investment purposes"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses financial derivative instruments (FDIs) for both direct investment purposes and currency hedging, which introduces complexity beyond simple physical replication. While the primary replication method is physical, the use of derivatives for investment purposes and the potential counterparty risks associated with these instruments contribute to the complexity. Additionally, the ETF's exposure to counterparty risk from derivatives and the potential for significant tracking error due to hedging strategies further support the classification as complex.",
    "confidence": 85
}