{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for risk management, currency hedging, and potential counterparty risk",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking a transparent equity index. It may use derivatives for efficient portfolio management (EPM), such as currency hedging, but not for synthetic replication or as a core part of its investment strategy. There is no securities lending, no significant leverage, and no embedded derivatives. The fundu2019s structure, risks, and objectives are straightforward and disclosed. However, the use of derivativesu2014even for EPMu2014introduces counterparty risk, which is a factor that regulators may consider when assessing complexity, especially if the derivative exposure is material or not fully collateralized. The fundu2019s risk rating is high due to equity market volatility, not structural complexity. The index is transparent and the fundu2019s documentation is comprehensive.",
    "classification": "non-complex"
}