{
    "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",
        "Potential tracking error from derivative usage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of derivatives for currency hedging, which introduces counterparty risk and potential tracking error. While the replication method is physical (as confirmed in the fact sheet), the KIID explicitly mentions the use of derivatives for hedging purposes, which can create additional complexity. The risk profile is rated 6/7, indicating high volatility and potential risks from derivative usage. The fact sheet confirms physical replication but also highlights that the fund may use derivatives where direct replication is not possible, which aligns with the KIID's disclosure. The combination of derivative usage for hedging and the high-risk profile leads to the classification as complex under MiFID II.",
    "confidence": 85
}