{
    "complex": false,
    "replication_method": "physical",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using swaps",
        "Counterparty risk from swap agreements"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy, tracking the EURO STOXX 50 index. While it employs currency hedging via swaps (with counterparties like Morgan Stanley and Societe Generale), this is a common practice for hedged ETFs and does not materially alter the fund's risk profile. The swap usage is limited to currency hedging (not leverage or inverse exposure) and complies with UCITS rules (counterparty exposure =10%). The fact sheet confirms 'physical' replication, and the KIID emphasizes direct investment in index constituents. While swaps introduce counterparty risk, this is disclosed transparently and does not make the product inherently complex for retail investors. The SRRI (risk level 3-4) and lack of leverage/inverse features further support the non-complex classification.",
    "confidence": 90
}