{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Complex thematic index construction",
        "Potential counterparty risk from derivative usage",
        "High concentration risk in niche sector"
    ],
    "classification": "complex",
    "supporting_data": "The Franklin AI, Metaverse and Blockchain UCITS ETF is classified as complex primarily due to its thematic focus on a niche sector (metaverse, blockchain, AI) which involves higher concentration risk and potential illiquidity. While it uses physical replication, the KIID mentions potential derivative usage for efficient portfolio management, which could introduce counterparty risk. The index construction methodology using proprietary natural language processing algorithms adds complexity. The fund's high risk profile (category 6-7) and the fact it's targeted at investors with 'high risk tolerance' further supports this classification. The PRIIPs KID would need to be checked for any comprehension alerts that might reinforce this assessment.",
    "confidence": 85
}