{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Complex Index Methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global Govt Bond Climate UCITS USD (Dist) ETF aims to track the FTSE Advanced Climate Risk-Adjusted World Government Bond Index. The primary replication method is physical, holding fixed income securities. The index itself involves a climate risk adjustment to country weightings, which is a more complex methodology than a standard market-capitalisation weighted index. While the underlying assets (government bonds) are generally considered non-complex, the specific adjustment to the index methodology could, in isolation, raise questions about ease of understanding. However, the ETF is UCITS compliant, passively managed, and does not utilize derivatives for its core investment strategy. Securities lending is used for income generation, but this is a secondary feature and is subject to collateralization rules under UCITS. The ETF is not leveraged, does not embed derivatives, and the risks (market volatility, tracking error, credit risk, interest rate risk) are generally understood by retail investors in the context of bond investments. The complexity primarily arises from the index construction rather than the ETF's structure or use of financial instruments. Given the passive management, physical replication, and absence of embedded derivatives or leverage, it is classified as non-complex."
    }
}