{
    "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 primarily uses physical replication to track the Bloomberg Barclays US Inflation-Linked Bonds Index, which would typically classify it as non-complex. However, the factsheet explicitly mentions the use of OTC swaps with counterparties (Morgan Stanley Bank AG and Societe Generale), which introduces counterparty risk and complexity. While the swaps are within UCITS guidelines (=10% exposure), their presence and the associated counterparty risk elevate the product to a 'complex' classification under MiFID II. The KIID and factsheet also highlight operational and liquidity risks, but the decisive factor is the swap usage, which requires additional investor understanding of counterparty risk and collateral management.",
    "confidence": 90,
    "risk_level": 3,
    "counterparty_risk": true,
    "benchmark_complexity": false,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false
}