{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Potential counterparty risk from derivatives",
        "ESG screening complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core investment strategy, tracking the MSCI World SRI Select Reduced Fossil Fuel Index. While it uses derivatives (specifically FX forwards) for currency hedging, this is a common practice in hedged share classes and doesn't materially alter the fund's risk profile. The derivatives usage is for efficient portfolio management rather than for leverage or complex strategies. The ETF's risk profile is rated 6/7, which is moderate for an equity fund, and the risks are clearly disclosed. The ESG screening process adds some complexity but doesn't make the product inherently complex under MiFID II standards. The fund is UCITS-compliant, which typically indicates a non-complex classification. The PRIIPs KID doesn't contain any comprehension warnings that would suggest complexity.",
    "confidence": 90
}