{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High Yield Corporate Bonds",
        "ESG Screening Complexity",
        "Decarbonization Trajectory"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (direct investment in bonds) as confirmed in the factsheet. While it invests in high-yield corporate bonds (which carry higher credit risk) and applies complex ESG and decarbonization criteria, these factors do not trigger MiFID II complexity classification. The fund does not use derivatives for leverage or synthetic replication, and its risk profile is clearly disclosed. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The main complexity factors are the underlying bond selection criteria (ESG, decarbonization) and the high-yield nature of the bonds, but these do not meet MiFID II's complexity thresholds.",
    "confidence": 90
}