{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending",
            "Asset-Backed Securities"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but invests in global investment grade fixed-rate debt securities, which includes asset-backed securities. It utilizes derivatives for efficient portfolio management, such as currency hedging. Securities lending is also employed, with a maximum exposure of 70% of the Net Asset Value. While it uses physical replication and tracks a transparent index (Bloomberg Global Aggregate Bond Index), the inclusion of asset-backed securities, the use of derivatives, and securities lending can introduce complexity and risks that may not be easily understood by retail investors, per MiFID II guidelines.",
        "rationale": "Even though this is a UCITS, the nature of the underlying assets, notably the inclusion of asset backed securities, and the use of derivates for hedging make it more challenging for retail investors to understand. Securities lending also adds a layer of complexity. Therefore a 'complex' classification is appropriate.",
        "final_assessment": "Complex"
    }
}