{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for replication",
        "Counterparty risk from swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling as its primary method, which is a non-complex approach. While it mentions the potential use of derivatives (including swaps) for efficient replication, the KIID and fact sheet indicate this is not the primary method and is used only where direct replication is impractical. The fund's risk profile (category 6) reflects the volatility of equity markets rather than derivative complexity. The fact sheet confirms physical replication is the main method, with derivatives used for efficiency rather than as a core strategy. The UCITS compliance and straightforward equity exposure further support the non-complex classification. The use of derivatives here appears to be for efficient portfolio management rather than creating material complexity.",
    "confidence": 85
}