{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Currency hedging via forwards",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through swaps and currency forwards, which introduces counterparty risk. While the underlying assets (US Treasury bonds) are straightforward, the synthetic structure and hedging mechanisms add complexity. The KIID mentions 'derivative trading costs' and 'counterparty risk,' which are key complexity indicators under MiFID II. The PRIIPs KID and fact sheet confirm the use of derivatives for replication and hedging, reinforcing the classification as complex. The fact that it is UCITS-compliant does not override the complexity introduced by the synthetic structure and derivative exposure.",
    "confidence": 85
}