{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF invests in covered bonds which are guaranteed by an equal amount of cash. The use of Financial Derivative Instruments (FDIs) for direct investment purposes could indicate some complexity.",
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the Markit iBoxx Euro Covered Index. It uses physical replication, holding the underlying covered bonds, making it relatively straightforward for retail investors to understand. The document mentions that the Fund may use FDIs for direct investment purposes. This could indicate complexity if derivatives are central to the strategy, but this use is not described as central in the KIID, and the overall structure of the ETF is focused on tracking a straightforward bond index using physical replication. Securities lending is also mentioned but is unlikely to create an automatically complex classification as the use is well managed within UCITS rules and does not dominate the risk profile.The risk profile of the ETF is rated 3/7 on the KID scale, but that does not automatically make an ETF complex."
    }
}