{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares $ Development Bank Bonds UCITS EUR Hedged (Acc) Share Class is a UCITS ETF that passively tracks the FTSE World Broad Investment-Grade USD Multilateral Development Bank Bond Capped Index. It primarily invests in fixed income securities that make up the index. The ETF uses optimising techniques, which may include financial derivative instruments (FDIs), but states these may be used for investment purposes. Importantly, it also states FDIs, including FX forward contracts, will be used for currency hedging. However, the core investment strategy relies on physical replication of index constituents rather than synthetic replication. The document explicitly states that the ETF is passively managed and aims to invest in the fixed income securities that make up the Index. Furthermore, the use of derivatives is primarily for efficient portfolio management (currency hedging), which is generally considered non-complex when limited and not integral to the core investment strategy. There is no mention of embedded derivatives, leverage, or complex underlying assets. The index itself is described as measuring the performance of US Dollar denominated, fixed-rate, investment grade multilateral development bank debt, which is a relatively straightforward and transparent index composition. The complexity assessment is further supported by the absence of any features that would make its structure, risks, or payoff difficult for a retail investor to understand. The document also mentions a risk indicator rated 'three' due to market risks inherent in fixed income securities, but this does not imply structural complexity. The primary function of derivatives here is hedging currency risk, which is a common and generally understood practice for UCITS ETFs aiming to provide returns in a currency different from their base currency. Therefore, based on the provided information and MiFID II guidelines, the ETF is classified as non-complex."
    }
}