{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Multi-asset structure",
        "Derivative usage for hedging",
        "Currency hedging via FX forwards"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Moderate Portfolio UCITS ETF is an actively managed multi-asset fund that primarily invests in other UCITS funds and ETFs. While it uses derivatives for hedging and currency management (via FX forwards), these are standard practices in multi-asset funds and do not introduce significant complexity. The fund's risk profile is moderate (risk level 4), and its investments are in liquid, transparent securities. The use of derivatives is for efficient portfolio management rather than as an inherent part of the strategy. The fund's holdings are primarily other UCITS ETFs and funds, which are themselves non-complex. The absence of leverage, inverse exposure, or synthetic replication further supports the non-complex classification. The fund's risk disclosures are clear, and the underlying assets are easily understandable for retail investors.",
    "confidence": 85
}