{
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for optimisation",
        "Factor-based index complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (as stated in the PRIIPs KID: 'Product Structure: Physical'). While it mentions the use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for optimisation rather than core strategy. The derivatives usage is likely for efficient portfolio management (e.g., reducing tracking error) rather than creating leverage or inverse exposure. The index itself is a factor-based (minimum volatility) index, which introduces some complexity, but the ETF's straightforward physical replication and UCITS compliance suggest it remains suitable for retail investors. The risk profile is rated 5/7, which is moderate, and there are no indications of capital protection mechanisms or structured products. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 85
}