{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "ESG weighted index",
            "Currency Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the Bloomberg MSCI Global Treasury ESG Weighted Bond Index (total return hedged to USD). It uses physical replication, investing in investment grade government bonds and government-related entities. The fund employs optimization to minimize tracking error and may use derivatives for hedging and efficient portfolio management, not as a core element. Securities lending is mentioned as a secondary feature, well-managed within UCITS rules. The use of derivatives for hedging should not, on its own, trigger a complex classification if the underlying strategy is simple and transparent, and the derivatives are not central to the strategy, which is the case here.The index it tracks is itself a complex index, due to the ESG weighting, but this is not a feature of the ETF itself, rather the index it tracks. There are no other complex features, and the ETF has a relatively low risk profile. The primary risks are related to market volatility and credit risk, which do not make the ETF complex, by themselves. This asset aligns with the characteristics of a non-complex UCITS ETF, per MiFID II guidelines.",
        "ESMA Guidance Applied": "ESMA guidelines indicate that the use of derivatives for hedging or EPM should not automatically trigger complex classification as long as it's not an inherent part of the strategy, as per the ESMA Supervisory Briefing (2.1, 2.2, 2.3). ESG weighting adds a degree of complexity to the index, but not to the structure or risks of the ETF itself, according to ESMA."
    }
}