{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Swap usage for efficient portfolio management",
        "Currency hedging",
        "Active management with complex benchmark"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of derivatives (including swaps) for efficient portfolio management and currency hedging, which introduces counterparty risk. While the replication method is physical, the active management strategy and complex benchmark (Bloomberg Global Aggregate Treasuries Index) add to the complexity. The ETF is UCITS-compliant, but the use of derivatives beyond simple replication and the active management approach make it more complex than a typical passive ETF. The risk profile is rated 4/7, indicating medium risk, but the derivative usage and active management justify the 'complex' classification under MiFID II.",
    "confidence": 85
}