{
    "fund_name": "Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Commodity futures-based index",
        "Indirect replication (swap-based)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to track the Bloomberg ex-Agriculture & Livestock 15/30 Capped 3 Month Forward Index, which is a futures-based commodity index. The KIID explicitly mentions 'financial contracts (derivatives)' and 'swap counterparties,' indicating significant derivative exposure. The index itself is complex due to its futures-based structure and commodity weighting methodology. While there is no leverage, the swap-based replication and commodity futures exposure introduce complexity beyond simple physical replication. The risk profile (category 6) and counterparty risk disclosures further support the 'complex' classification.",
    "confidence": 90
}