{
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "Derivative use for risk management and currency hedging, but not central to strategy; no embedded derivatives, no leverage, no complex indices, no securities lending, no contingent convertible bonds, no swaps, no inverse or leveraged exposure.",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicating fund tracking a transparent equity index (MSCI UK IMI Extended SRI Low Carbon Select 5% Issuer Capped 100% hedged to CHF Index). It may use derivatives for efficient portfolio management (EPM), such as currency forwards to hedge CHF exposure, but derivatives are not central to the investment objective. There is no securities lending, no leverage beyond UCITS limits, no embedded derivatives, and no complex or opaque index. The structure, risks, and payoff are straightforward for a retail investor with basic knowledge. The risk rating is high due to equity market volatility, not structural complexity. All UCITS are presumed non-complex under MiFID II unless specific complex features are present, which are not evident here[1]. The use of derivatives for EPM with minimal impact on risk-return, and robust disclosure, supports a non-complex classification, even though some regulators may scrutinize any derivative use for counterparty risk[1]. The index is transparent and the replication method is physical, further supporting non-complexity.",
    "classification": "non-complex"
}