{
    "complex": "non-complex",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Emerging market bonds",
        "ESG screening complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling for index tracking, which is a non-complex method. While it uses derivatives for currency hedging (selling currency forwards), this is a common practice in ETFs and does not significantly alter the risk profile. The underlying assets are investment-grade emerging market bonds, which are inherently more complex than developed market bonds but do not trigger a 'complex' classification under MiFID II. The ETF is UCITS-compliant, which further supports its non-complex status. The risk profile is moderate (risk category 4), and the fund does not use leverage or inverse strategies. The primary complexity factors are the use of derivatives for hedging and the emerging market focus, but these do not meet the MiFID II threshold for complexity.",
    "confidence": 85
}