{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares $ TIPS UCITS ETF is primarily a physically replicated ETF that invests directly in US Treasury Inflation-Protected Securities (TIPS). While it uses financial derivative instruments (FDIs) for currency hedging and potentially for direct investment purposes, these derivatives are used for efficient portfolio management rather than for leverage or complex strategies. The fund's risk profile is straightforward, focusing on credit risk, interest rate risk, and inflation-linked bond performance. The use of derivatives is disclosed but appears to be for hedging and replication purposes, not for creating complex exposure. The fund's risk rating is 4 (out of 7), which is moderate and does not indicate excessive complexity. The underlying assets (US TIPS) are liquid and transparent, and the fund's strategy is easily understandable for retail investors. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}