{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated, UCITS-compliant fund that invests in investment-grade corporate bonds with a focus on sustainability and alignment with the Paris Agreement. The KIID and factsheet indicate that derivatives are used solely for efficient portfolio management and currency hedging, not for leverage or complex strategies. The fund has a straightforward investment objective, transparent holdings, and a clear risk profile (risk class 4). There are no indications of synthetic replication, leverage, or complex underlying assets. The fund's performance is closely tied to its benchmark, and the use of derivatives is limited to standard hedging purposes, which does not introduce complexity under MiFID II rules.",
    "confidence": 95,
    "risk_level": "medium",
    "additional_notes": "The fund's use of derivatives is explicitly stated to be for 'efficient portfolio management and currency hedging purposes,' which is a permitted use under MiFID II without triggering complexity. The absence of leverage, inverse strategies, or synthetic replication further supports the non-complex classification. The fund's alignment with a Paris-aligned benchmark and its ESG focus do not introduce additional complexity from a regulatory standpoint."
}