{
    "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 L&G Gerd Kommer Multifactor Equity UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication with optimised sampling, which is a straightforward approach. 2. Derivative Usage: There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or PRIIPs KID. The fact sheet confirms physical replication. 3. Leverage/Inverse: No leverage or inverse exposure is indicated. 4. Underlying Assets: The fund invests in equity securities with a multi-factor approach, which is transparent and commonly understood. 5. Risk Profile: The fund is rated 6/7, which is moderate risk, and there are no complex risk factors like capital protection or structured products. 6. Costs: The fee structure is simple (0.50% TER). 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. The fact sheet and KIID confirm no derivative usage beyond efficient portfolio management, and the index methodology is transparent. The fund's complexity factors are minimal, and the structure is straightforward for retail investors.",
    "confidence": 95
}