{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency Hedging",
        "FX Forward Contracts"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses FX forward contracts for currency hedging, which are derivative instruments. While the primary replication method is physical, the use of FX forwards introduces complexity due to counterparty risk and the need for investors to understand the hedging strategy. The KIID explicitly mentions the use of financial derivative instruments (FDIs) to achieve the investment objective, which is a key indicator of complexity under MiFID II. Additionally, the risk profile (rated 6) and the presence of counterparty risk further support the classification as complex.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "hedging_strategy": "FX Forward Contracts",
    "esg_screening": true,
    "benchmark_complexity": "Moderate (ESG criteria and hedging methodology)"
}