{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF uses currency hedging which can introduce some complexity, but this is within the bounds of EPM and does not automatically classify it as complex. The risk-reward profile is a 4 on the KID scale, reflecting market volatility rather than structural complexity. Overall, the ETF is designed to track a global bond index, making its structure and risks relatively straightforward for investors with basic knowledge.",
        "classification": "non-complex",
        "supporting_data": "The Vanguard Global Aggregate Bond UCITS ETF is a UCITS-compliant fund designed to track the Bloomberg Global Aggregate Float Adjusted and Scaled Index. The ETF uses physical replication, investing in a representative sample of bonds included in the index. The KIID indicates that derivatives may be used to reduce risk or cost and/or generate extra income, however this appears to be for risk management rather than as part of the core investment strategy. The fund is appropriate for long-term investment with an investment horizon of at least 3 years. The structure of the ETF is clear, with income reinvested and the fund is listed on one or more stock exchanges. The fund does not use leverage. The use of currency hedging techniques is mentioned, but does not automatically lead to a complex classification, especially if the risk management is well managed. The fund is rated 4/7 on the KID which primarily reflects market volatility. Given the above analysis it does not show evidence of complex structures, the risks appear to be transparent, and the use of derivatives seems limited to EPM."
    }
}