{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Securities lending activities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI EMU Index, which is a straightforward equity index. While it uses derivatives for currency hedging (FX forwards) and engages in securities lending, these activities are common in mainstream ETFs and do not significantly alter the fund's risk profile. The KIID and PRIIPs documents indicate a risk level of 6 (moderate), and there are no indications of leverage, inverse strategies, or complex structured products. The underlying assets are liquid equities, and the fund's strategy is transparent and easily understandable for retail investors. The use of derivatives is limited to efficient portfolio management (hedging and securities lending) rather than for speculative or complex investment purposes.",
    "confidence": 90
}