{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "derivatives": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the Bloomberg Barclays Global Aggregate Corporate Bond Index, which is a broad and transparent index. The investment policy states that the fund aims to invest in fixed income securities that make up the index, utilizing 'optimising techniques' which may include strategic selection of certain securities or other fixed income securities. Crucially, the document states 'These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.' However, the subsequent mention of FDIs is specifically in the context of currency hedging for the GBP Hedged Share Class, using 'FX forward contracts'. Given that the primary investment strategy is physical replication of bonds and the derivative use is limited to currency hedging (efficient portfolio management), it does not automatically classify the ETF as complex. The risk profile is rated 'four' due to the nature of its investments (fixed income securities), which is explicitly stated as not being a reflection of structural complexity. The KID also highlights counterparty risk and credit risk as inherent risks of fixed income, which are standard and not indicative of structural complexity. The ETF is a UCITS, which generally implies a certain level of investor protection and adherence to regulatory diversification and liquidity rules, supporting a non-complex classification. There is no mention of leverage, embedded derivatives for investment purposes, or complex underlying assets or indices."
    }
}