{
    "fund_name": "Xtrackers Bloomberg Commodity Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Commodity Futures",
        "Swap Exposure",
        "Counterparty Risk",
        "Complex Index Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to track the Bloomberg Commodity Index Total Return 3 Month Forward, which involves commodity futures. The presence of swap agreements and counterparty risk exposure, as explicitly mentioned in the KIID and factsheet, indicates complexity under MiFID II. The fund's reliance on derivatives for replication and the inherent risks associated with commodity futures and swap counterparties make it unsuitable for retail investors without specialized knowledge. The risk level is classified as 6, further supporting the complexity classification.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "commodity_futures": true,
    "underlying_assets": "Commodity futures contracts",
    "benchmark_complexity": "High (Bloomberg Commodity Index Total Return 3 Month Forward with complex weighting and rebalancing rules)"
}