{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Multi-asset strategy",
        "ESG screening complexity",
        "Currency hedging using derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II for the following reasons: 1) It primarily uses physical replication through investments in other UCITS funds and ETFs (as seen in the top 10 holdings). 2) While it uses derivatives for currency hedging (FX forwards), this is a common and transparent practice in UCITS-compliant funds and does not create leverage or inverse exposure. 3) The fund's multi-asset strategy and ESG screening add some complexity, but these are standard practices in modern portfolio management and do not make the fund inherently complex. 4) The risk profile (5/7) is clearly disclosed and aligns with the fund's growth-oriented strategy. 5) There are no capital protection mechanisms, leverage, or inverse strategies that would trigger a complex classification. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}