{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (ESG screening, multiple exclusion criteria)",
        "Potential for tracking error due to physical replication constraints",
        "Exposure to emerging markets and currency volatility"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg MSCI Global Aggregate Sustainable and SRI Currency Neutral Index. While the index has complex ESG screening criteria, the fund itself does not use derivatives for leverage or inverse exposure. The primary complexity factors are the index methodology and potential tracking error, but these do not meet MiFID II's criteria for complexity. The fund is UCITS-compliant and has a straightforward investment objective in investment-grade bonds. The factsheet confirms direct replication without swap usage, and the KIID mentions derivatives only for risk management, not as part of the core strategy. The risk profile (category 4) is moderate and typical for bond ETFs.",
    "confidence": 90
}