{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication",
        "Factor-focused index"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimised techniques, which may include strategic selection of securities or similar-performing securities. While it mentions the use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID explicitly states the product structure is 'Physical'. There is no mention of synthetic replication, swaps, or leverage. The index methodology involves selecting stocks with upward price trends, which is a factor-based approach but does not inherently make the product complex. The risk profile is rated 6, which is moderate, and the fund is UCITS-compliant, indicating it meets regulatory standards for retail investor suitability. The use of derivatives is likely limited to efficient portfolio management rather than a core strategy, and the overall structure is transparent and liquid.",
    "confidence": 90
}