{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Derivative use for currency hedging and efficient portfolio management, but not central to strategy; no synthetic replication, no embedded derivatives, no leverage, no complex indices, no contingent convertible bonds, no swaps, no inverse structure.",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking a transparent, ESG-screened corporate bond index. It may use derivatives for currency hedging and efficient portfolio management, but these are not central to the investment objective. The fund does not use synthetic replication, swaps, or leverage beyond UCITS limits. The underlying index is straightforward and well-documented, and the fund's structure and risks (market, credit, currency, liquidity) are clearly disclosed. There is no evidence of embedded derivatives, complex payout structures, or contingent convertible bonds. The use of derivatives is limited and disclosed as a risk, but not as a defining feature of the product.",
    "classification": "non-complex"
}