{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Underlying basket of ETFs/ETCs; diversified multi-asset index",
    "classification": "non-complex",
    "supporting_data": "The Cordillera Core Balanced Strategy ETP is a physically replicated Exchange Traded Product (ETP) that tracks the Solactive CWM Core Balanced Strategy Index, which itself is composed of 16 ETFs and ETCs with fixed weights and quarterly rebalancing. The replication method is explicitly stated as physical (fully replicated), with no use of derivatives or swap agreements inherent to the product's strategy. There is no leverage, inverse exposure, or capital protection mechanism. The risk indicator is moderate-low (3 out of 7), consistent with a straightforward multi-asset ETF basket. The product is collateralised but does not use synthetic replication or total return swaps. The underlying assets are themselves UCITS ETFs/ETCs, which are liquid and transparent. Costs are standard with no performance fees or swap fees. The product is an ETP (not an ETF) and is not UCITS compliant. The complexity arises mainly from the multi-ETF basket structure, but this does not meet MiFID II criteria for complexity since there is no derivative or leverage usage, no contingent bonds, and no capital protection features. The PRIIPs KID and factsheet confirm no synthetic replication or swap usage. The product carries a retail investor warning about needing specific knowledge, but this is standard for ETPs and does not alone trigger complexity classification. Therefore, under MiFID II, this product is classified as non-complex."
}