{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication may involve some derivative usage",
        "Index methodology includes complex revenue-based screening criteria",
        "Potential for counterparty risk from derivative instruments"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Ageing Population UCITS ETF is primarily a physically replicated ETF with no explicit leverage or inverse exposure. While it mentions the use of financial derivative instruments (FDIs) for optimised replication, the KIID and fact sheet indicate this is for efficient portfolio management rather than as a core strategy. The index it tracks (STOXX Global Ageing Population Index) has a complex methodology involving revenue-based screening and equal weighting, but this does not inherently make the ETF complex. The fact sheet explicitly states 'Product Structure: Physical', and the risk disclosures focus on standard equity risks rather than derivative-specific risks. The only potential complexity factor is the mention of counterparty risk from derivatives, but this is mitigated by the UCITS compliance and the fact that derivative usage appears limited to optimisation rather than core strategy.",
    "confidence": 85
}