{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF invests in fixed income securities that excludes issuers based on ESG, SRI and other criteria.The fund uses optimising techniques to achieve a similar return to its Index and can use FDIs for direct investment purposes. The fund may engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the Fund.The fund's underlying assets comply with ESG, SRI and other criteria so it is hard to understand for retail investors.",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF, as described in the provided KIID, aims to replicate the Bloomberg MSCI Global Aggregate Sustainable and Green Bond ESG SRI Index.  Key aspects supporting its non-complex classification include: 1.  **Physical Replication:** The ETF invests directly in the bonds comprising the index, using physical replication.  2.  **Index Transparency:** The index methodology is publicly available, though it assesses securities against ESG/SRI criteria, which could be complex to understand for retail investors (MiFID II, Section 5, Paragraph 51) 3.  **Derivatives Usage:** The fund *may* use Financial Derivative Instruments (FDIs) for direct investment purposes. However, the KIID indicates these are for currency hedging purposes and efficient portfolio management. (MiFID II, Section 2, Rule 2) 4.  **Securities Lending:** The fund engages in securities lending, which introduces counterparty risk, but is well-managed within UCITS rules and is not a major feature of the risk profile (MiFID II, Section 5, Rule 5). 5.  **Hedging:** The fund uses derivatives for currency hedging with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fundu2019s underlying portfolio currencies, The hedging strategy may not completely eliminate currency risk. (MiFID II, Section 2, Rule 2) The KIID does state that, 'In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund.' The fund appears to be targeting investors with basic knowledge (MiFID II, Section 4, Rule 4) and is therefore non-complex."
    }
}