{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Swap usage for currency hedging",
        "OTC derivatives exposure",
        "Counterparty risk from derivatives",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives (specifically swaps) for currency hedging, which introduces counterparty risk. While the replication method is primarily physical, the use of OTC derivatives and the complex index methodology (MSCI EMU Quality Advanced Target Select 100% Hedged to CHF) with its hedging mechanism contributes to the complexity. The KIID mentions 'derivative trading costs' and 'counterparty risk,' which are key complexity indicators under MiFID II. The fact sheet confirms physical replication but also notes the use of derivatives for hedging, which aligns with the KIID's disclosure. The risk category of 6 (high volatility) and the mention of 'may not be suitable for retail investors' in the risk section further support the complex classification.",
    "confidence": 85
}