{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": "None apparent. Derivatives only used for efficient portfolio management.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, implying a level of regulatory oversight and investor protection. The investment policy aims to track the Bloomberg Euro Aggregate Bond Index using a stratified sampling strategy and primarily invests in investment-grade Euro-denominated bonds. Derivatives are used only for efficient portfolio management. The ETF does participate in securities lending, but it is limited to a maximum of 70% of the Net Asset Value which is well managed within UCITS rules. The fund focuses its investments in a particular way, this is Concentration Risk and may also limit the Fund's liquidity. Changes in interest rates are likely to affect the value of debt instruments in which this Fund invests. This is Interest Rate Risk. The use of physical replication and a transparent index supports the classification as non-complex.",
        "explanation": "The ETF is UCITS compliant and uses physical replication. Derivatives are used for efficient portfolio management, not as an integral part of the investment strategy. Therefore, the ETF is classified as non-complex under MiFID II."
    }
}