{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which is the baseline for non-complex classification. It aims to achieve a return that reflects the Bloomberg Barclays US Floating Rate Note < 5 Years Index. The investment policy states that the ETF is passively managed and aims to invest in the equity securities that make up the Index. The Index itself comprises US Dollar-denominated fixed income securities with specific rating and maturity criteria, which are generally considered straightforward. While the ETF uses 'optimising techniques' which may include financial derivative instruments (FDIs) for EPM, the core investment strategy is to replicate the index through physical holdings. The use of FDIs for EPM, such as FX forward contracts for currency hedging, is permissible for UCITS and typically does not render an ETF complex, provided it is for efficient management and not integral to the investment objective. The document also highlights that the ETF's shares are denominated in Euro, while the Fund's base currency is US Dollar, and mentions currency hedging to mitigate this difference, which is a common practice for UCITS ETFs. The risk profile is rated 'two', indicating a relatively lower risk compared to higher categories, and the text explicitly mentions market volatility and tracking error as primary risks, not structural complexity or derivative risk. The document mentions securities lending as a way to generate income, which is also a common and regulated practice for UCITS ETFs that does not automatically classify them as complex. Based on the available information, the ETF adheres to the principles of a UCITS ETF, primarily invests in physical securities, and any derivative use is for ancillary purposes like currency hedging rather than core replication. The underlying index is also straightforward. Therefore, it is classified as non-complex."
    }
}