{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "OTC Swap with counterparty exposure",
        "Securities Lending Programme"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for the EURO STOXX 50 index, which is a straightforward equity index. While it does use OTC swaps with counterparties (Morgan Stanley and Societe Generale) and a securities lending programme, these are within UCITS limits (max 10% exposure per counterparty) and are common in ETFs for efficient portfolio management. The risk profile is low (SRRI 3), and the underlying index is a standard blue-chip equity index. The derivatives usage is for risk management rather than strategy amplification, and the overall structure is transparent and liquid. The fact that it's UCITS-compliant and physically replicated further supports the non-complex classification.",
    "confidence": 90
}