{
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Optimised replication",
        "Securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (as confirmed in the fact sheet) and does not employ synthetic replication or swaps. While it mentions 'optimising techniques' and potential use of financial derivative instruments (FDIs), these are likely for efficient portfolio management rather than core strategy. The fact sheet explicitly states 'Product Structure: Physical', reinforcing this. The ETF tracks a straightforward equity index (MSCI UK Small Cap) without leverage, inverse exposure, or complex structured features. The risk profile is rated 6 (medium), and while counterparty risk is mentioned (due to securities lending), this is typical for UCITS-compliant ETFs and does not elevate complexity. The PRIIPs KID does not contain a comprehension warning, further supporting non-complex classification.",
    "confidence": 90
}