{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Swaps",
        "Currency Hedging",
        "OTC Derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives (including swaps) for replication and currency hedging, which introduces counterparty risk and potential complexity. While the replication method is primarily physical, the use of OTC derivatives and currency forwards (via swaps) for hedging purposes triggers MiFID II complexity rules. The KIID mentions 'OTC derivatives' and 'counterparty risk,' which are key complexity indicators. The fund's risk profile (risk category 5) and the use of derivatives for hedging (not just efficient portfolio management) support the 'complex' classification. The PRIIPs KID and factsheet confirm the use of derivatives for hedging, reinforcing the complexity determination.",
    "confidence": 85
}