{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Ossiam ESG Low Carbon Shiller Barclays CAPE US Sector UCITS ETF is classified as non-complex based on the following analysis: 1. The ETF uses physical replication to track its index, investing directly in the underlying equities. 2. There is no evidence of leverage, inverse strategies, or synthetic replication using derivatives or swaps. 3. The fund is UCITS-compliant, which generally indicates a higher level of investor protection and transparency. 4. The investment strategy is straightforward, focusing on US equities with ESG and carbon footprint filters applied to a rules-based index. 5. While the risk level is rated 6 (medium-high), this is primarily due to equity market exposure rather than structural complexity. 6. The KIID does not mention any complex features like capital protection mechanisms, structured products, or illiquid assets. 7. The fund's performance is directly tied to the performance of its underlying equities, with no complex payoff structures. 8. The use of ESG and carbon filters, while adding a layer of screening, does not introduce structural complexity that would make the product difficult to understand. The primary reason for the non-complex classification is the physical replication method combined with the straightforward equity investment strategy, despite the relatively high risk rating which is typical for equity funds.",
    "confidence": 95
}