{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Financial Derivative Instruments (FDIs) for risk management"
    ],
    "classification": "non-complex",
    "supporting_data": "The L&G Pharma Breakthrough UCITS ETF primarily uses physical replication to track the Solactive Pharma Breakthrough Value Index. While the KIID mentions the use of Financial Derivative Instruments (FDIs), these are described as being based on the companies contained in the Index and/or other biotechnology companies, suggesting their use is limited to risk management or efficient portfolio management rather than for leverage or complex strategies. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is rated 6, but this is due to the nature of its investments in biotechnology companies rather than structural complexity. The fund is UCITS-compliant, which imposes strict regulatory requirements ensuring transparency and investor protection. The absence of swaps, leverage, or capital protection mechanisms further supports the non-complex classification.",
    "confidence": 90
}