{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Derivative usage up to 10%",
        "Counterparty risk from swaps",
        "Complex index methodology"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (as confirmed in the factsheet) and aims to track the FTSE Emerging ESG Low Carbon Select Index through direct investment in underlying securities. While it has permission to use derivatives (up to 10% in total return swaps and contracts for difference), this is not expected to exceed 5% and is likely used for efficient portfolio management rather than as a core strategy. The index itself is complex due to its ESG screening and carbon reduction criteria, but the ETF's straightforward replication approach and UCITS compliance suggest it is not inherently complex. The risk profile (category 6) reflects the underlying emerging market exposure rather than derivative complexity. The absence of leverage, inverse strategies, or capital protection features further supports the non-complex classification.",
    "confidence": 85
}