{
    "fund_name": "iShares  Green Bond UCITS ETF EUR (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Optimised replication techniques may include derivative usage",
        "Counterparty risk from derivative instruments"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with optimised techniques that may include derivatives for efficient portfolio management. While derivatives are mentioned, they are not used for leverage or inverse exposure. The fund tracks a straightforward green bond index with investment-grade securities, and the risk profile is rated 4 (moderate). The use of derivatives appears to be for efficient replication rather than creating complexity. The PRIIPs KID and factsheet confirm the physical replication approach with optimised techniques, and there are no indications of synthetic replication or complex derivative strategies. The fund's transparency and liquidity support a non-complex classification.",
    "confidence": 90,
    "counter_argument": "The mention of derivatives in the KIID could suggest complexity, but the context indicates they are used for optimised replication rather than creating additional risk or complexity. The fund's straightforward investment objective and moderate risk profile further support the non-complex classification.",
    "overriding_reason": "The derivatives are used for efficient portfolio management and do not materially alter the fund's risk profile or make it harder to understand. The overall structure remains transparent and suitable for retail investors."
}