{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Counterparty risk from derivatives",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of derivatives for currency hedging (selling currency forwards), which introduces counterparty risk and requires understanding of derivative mechanics. While the replication method is physical (as confirmed in the fact sheet), the currency hedging strategy involves derivative instruments that could create additional complexity for retail investors. The risk profile (category 6) indicates high volatility, and the KIID mentions potential loss due to counterparty failure. The fact sheet confirms physical replication but doesn't fully clarify the extent of derivative usage beyond hedging. The combination of these factors, particularly the derivative-based hedging and the high-risk profile, leads to the complex classification under MiFID II.",
    "confidence": 85
}