{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the Solactive Fed Funds Effective Rate Total Return Index. This introduces counterparty risk and derivative-related risks, including leverage risk, high volatility, valuation risk, and liquidity risk. The KIID explicitly mentions these risks and the use of financial derivative instruments, which are key indicators of complexity under MiFID II. Additionally, the ETF's reliance on a swap agreement for replication and the associated counterparty exposure further support the classification as complex.",
    "confidence": 90,
    "risk_level": "The risk level is indicated as moderate, but the presence of derivative instruments and counterparty risk elevates the complexity, aligning with a higher risk profile under MiFID II standards."
}