{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Rare Earth/Strategic Metals)",
        "Emerging Market Exposure",
        "Natural Resource Sector Concentration"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MVIS Global Rare Earth/Strategic Metals Index, with no leverage, inverse strategies, or synthetic replication via swaps. While the index focuses on a specialized sector (rare earth/strategic metals) and includes emerging market exposure, the fund's structure remains straightforward. The PRIIPs KID and factsheet confirm no derivative usage beyond efficient portfolio management, and the risk profile aligns with the underlying assets. The complexity factors identified (index focus, sector concentration) do not trigger MiFID II's 'complex' classification, as the fund's risks are transparent and easily understandable for retail investors.",
    "confidence": 90
}