{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending (if not properly managed)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and seeks to track a global aggregate bond index. It primarily invests in investment-grade securities and employs a stratified sampling strategy for physical replication. Derivatives may be used for efficient portfolio management. Securities lending is allowed up to 70% of the Net Asset Value. The share class is hedged to EUR, reducing exchange rate fluctuations. While securities lending introduces counterparty risk, the UCITS framework mitigates this. The index tracks investment grade (high quality) fixed-rate debt securities, but it is not clear as to the nature and risk profile of bonds including Mortgage related and Other Asset Backed Securities. However overall is an ETF compliant with UCITS with physical replication and limited or no derivative usage therefore it is deemed as non-complex asset.",
        "complex": false,
        "non-complex": true,
        "explanation": "The ETF is UCITS compliant and uses physical replication. Derivatives are only used for efficient portfolio management (EPM) which is acceptable under MiFID II rules for non-complex ETFs. The structure and risks are easily understood by retail investors with basic knowledge. "
    }
}