{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Fidelity Global Government Bond Climate Aware UCITS ETF aims to track the Solactive Paris Aware Global Government USD Index by holding the index securities. The investment policy explicitly states it aims to replicate the Index by holding all of the Index securities. It also mentions that the fund 'may use derivatives for efficient portfolio management and currency hedging purposes.' However, the primary replication method described is physical. The risk profile is classified as 4 out of 7, which indicates moderate fluctuations, but this is related to market risk rather than structural complexity. The underlying index, while ESG-aware, is based on government bonds, which are generally considered transparent. The KIID does not indicate any complex derivative structures or embedded options. The use of derivatives for EPM and currency hedging is permitted by UCITS and, if limited and for these specific purposes, does not automatically classify the ETF as complex. Given the emphasis on physical replication of a government bond index, the absence of complex derivative strategies, and the generally understandable nature of government bonds, the ETF is classified as non-complex."
    }
}