{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Term structure complexity",
        "Currency hedging using derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking a fixed-income index of USD corporate bonds maturing in 2028. While it uses derivatives for currency hedging (FX forward contracts), this is a standard practice for hedged share classes and does not introduce significant complexity. The fund does not use swaps for replication, leverage, or inverse exposure. The underlying index is straightforward, consisting of investment-grade corporate bonds with ESG screening. The risk profile (level 4) is moderate, and the fund's structure is transparent with clear disclosure of risks. The use of derivatives is limited to hedging and does not materially alter the fund's risk profile. The term structure (bonds maturing in 2028) introduces some complexity, but this is inherent to the asset class and does not make the fund complex under MiFID II. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}