{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Complex benchmark structure (long/short inflation expectations)",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract to track the Markit iBoxx USD Breakeven 10-Year Inflation Index, which involves a long position in U.S. TIPS and a short position in U.S. Treasury bonds. This creates counterparty risk and requires understanding of inflation expectations and derivative mechanics. The benchmark's structure (long/short inflation expectations) adds complexity beyond simple index tracking. While the risk profile is rated as low-to-medium (SRRI 3), the use of derivatives and the synthetic replication method trigger MiFID II complexity classification.",
    "confidence": 90
}