{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers II Global Government Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicating bond ETF tracking the FTSE World Government Bond Index - Developed Markets. The fund uses direct replication by purchasing a portfolio of investment-grade sovereign bonds from developed markets. Derivatives are only used for currency hedging purposes to reduce exchange rate fluctuations between the fund's assets and the share class currency, not as an inherent part of the investment strategy. There is no mention of synthetic replication, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (category 3-4), consistent with a straightforward bond ETF. Costs are simple, with no performance fees or complex fee structures, and securities lending is minimal and disclosed transparently. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps for index replication. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent government bonds, and uses derivatives only for currency risk management, which does not trigger complexity under MiFID II. Therefore, the ETF is classified as non-complex."
}