{
    "complex": "non-complex",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Ossiam ESG Low Carbon Shiller Barclays CAPE US Sector UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication, as confirmed by the fact sheet ('Physical' replication method). 2. Derivative Usage: There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or PRIIPs KID. The fund's strategy focuses on direct investment in equities that pass ESG and carbon emission filters. 3. Leverage/Inverse Exposure: The fund does not employ leverage or inverse strategies, as indicated by the absence of any references to amplified returns or gearing in the documentation. 4. Underlying Assets: The fund invests in large and mid-cap equities listed on recognized markets, with no indication of exposure to complex or illiquid assets. 5. Risk Profile: The fund's risk rating is 6/7, which is relatively high but not indicative of complexity. The risks are primarily market risks associated with equity investments. 6. Costs and Charges: The fee structure is straightforward, with no performance-related fees or complex derivative costs. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies. The PRIIPs KID does not contain any comprehension warnings that would suggest complexity. The fund's strategy is based on a systematic, rules-based approach to selecting undervalued sectors using the CAPE ratio, which is a well-established valuation metric. The ESG and carbon reduction filters add an additional layer of screening but do not introduce complexity. The fund's holdings are transparent and consist of well-known large-cap US equities. The absence of derivative usage, leverage, or inverse strategies, combined with the physical replication method and UCITS compliance, supports the classification of this ETF as non-complex under MiFID II.",
    "confidence": 95
}