{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with direct investments in transferable securities to track the Bloomberg MSCI ESG Euro Corporate High Yield Select Index. While derivatives may be used for efficient portfolio management (EPM) such as handling inflows/outflows or improving index exposure, this does not inherently make the product complex under MiFID II. The ETF does not employ leverage, inverse strategies, or synthetic replication. The risk profile is primarily driven by credit and liquidity risks associated with high-yield corporate bonds, which are disclosed transparently. The ETF is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_features": false,
    "capital_protection": false,
    "comprehension_warning": false
}