{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging via swaps",
        "Counterparty risk from swap agreements",
        "Complex index methodology (Climate Bonds Initiative criteria)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy but employs currency hedging via swaps with Morgan Stanley Bank AG and Societe Generale. While this introduces counterparty risk, the swaps are used for efficient portfolio management rather than leverage or complex strategies. The underlying index (Solactive Green Bond EUR USD IG) is complex due to its Climate Bonds Initiative criteria, but the ETF's straightforward bond replication approach and UCITS compliance suggest it is not inherently complex. The risk profile (SRRI 3) and lack of leverage or inverse strategies further support a non-complex classification. The fact that derivatives are used for hedging (not as an inherent part of the strategy) and the transparency of the bond holdings align with typical non-complex ETFs.",
    "confidence": 85
}