{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for replication",
        "Potential counterparty risk from swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling, primarily investing in bonds from multilateral development banks. While it may use derivatives for efficient replication (as mentioned in the KIID), the fact sheet explicitly states 'physical stratified sampling' as the replication methodology. The derivatives usage appears to be for efficient portfolio management rather than for leverage or complex strategies. The underlying assets (sovereign bonds from development banks) are straightforward and liquid. The risk profile is rated 3/7, indicating moderate risk. The ETF is UCITS-compliant, which typically aligns with non-complex classification under MiFID II. The fact sheet confirms no leverage, inverse exposure, or complex structured features. The primary complexity factor is the potential counterparty risk from derivative usage, but this is mitigated by UBS's collateral policy. The overall structure remains transparent and suitable for retail investors.",
    "confidence": 90
}