{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (MSCI EM SRI Filtered PAB)",
        "Emerging Markets Exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI EM SRI Filtered PAB Index, which is a complex index with ESG and climate alignment criteria. While the index itself is sophisticated, the ETF's straightforward physical replication method and lack of leverage, derivatives, or swaps keep it within the non-complex category under MiFID II. The ETF's risk profile is primarily tied to emerging markets equities, which is a standard risk factor for retail investors. The KIID and factsheet confirm no use of derivatives beyond efficient portfolio management (e.g., for inflows/outflows or securities lending). The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}