{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of OTC swaps for replication",
        "Counterparty risk exposure",
        "Potential complexity of underlying index"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses physical replication as its primary method but employs OTC swaps with counterparties (Morgan Stanley and Societe Generale) for replication purposes. While the swap exposure is capped at 10% of fund assets (per UCITS rules), the presence of counterparty risk and derivative usage triggers MiFID II complexity classification. The underlying index (Bloomberg Barclays Global Inflation-Linked 1-10 Year) is relatively straightforward, but the swap usage creates additional complexity. The fact sheet confirms the use of swaps for replication, which is a key complexity indicator under MiFID II. The ETF is UCITS-compliant, which typically suggests lower complexity, but the derivative usage overrides this for regulatory purposes.",
    "confidence": 85
}