{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) Share Class, based on the provided Key Investor Information Document (KIID), is classified as non-complex. The ETF aims to achieve a return reflecting the Bloomberg Barclays Italy Treasury Bond Index through a combination of capital growth and income. The fund utilizes physical replication, investing in fixed income securities that make up the index. Derivatives are used for currency hedging, but this is for efficient portfolio management (EPM) and is not integral to the investment objective. The ETF does not involve significant leverage or complex strategies that would make it difficult for a retail investor with basic knowledge to understand the structure and risks. It tracks a transparent index (Bloomberg Barclays Italy Treasury Bond Index). The KIID clearly states that the performance of the shares may be affected by currency differences and uses derivatives, including FX forward contracts, for currency hedging purposes. The KIID risk profile is rated four, indicating a moderate risk level, but this doesn't equate to structural complexity. Securities lending is employed but is a secondary feature within UCITS rules and doesn't dominate the risk profile. There are no other complex features like embedded derivatives. Therefore, based on MiFID II criteria, this ETF is non-complex."
    }
}