{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative Usage for Direct Investment",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses financial derivative instruments (FDIs) for direct investment purposes, which introduces complexity beyond simple physical replication. While the primary replication method is physical, the explicit mention of using derivatives for direct investment (not just for efficient portfolio management) triggers complexity under MiFID II. Additionally, the presence of counterparty risk due to derivative usage further supports this classification. The ESG screening and best-in-class approach do not inherently add complexity, but the derivative usage for direct investment purposes is the key factor.",
    "confidence": 85,
    "risk_level": 2,
    "counterparty_risk": true,
    "esg_screening": true,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "credit_risk": "moderate"
}