{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency Hedging Derivatives",
            "Securities Lending Counterparty Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Core Global Aggregate Bond UCITS ETF aims to track the Bloomberg Barclays Global Aggregate Bond Index. It primarily uses physical replication, holding the underlying fixed income securities. While it uses financial derivative instruments (FDIs) for currency hedging purposes (USD Hedged), the text indicates this is for managing exchange rate fluctuations and not integral to the core investment objective. Securities lending is also mentioned for generating income, which introduces counterparty risk, but this is presented as a secondary income-generating activity rather than a core complex strategy. The ETF invests in global investment-grade debt, which is generally considered a non-complex asset class. The KID states it's rated 'four' on the risk indicator, which is attributed to the nature of its investments (fixed income securities, credit risk, interest rates) rather than complex structures. There is no mention of leverage, embedded derivatives for payoff creation, or complex underlying indices. The use of FDIs for currency hedging is a common practice for UCITS ETFs and, when limited and for EPM, does not automatically trigger a 'complex' classification under MiFID II. The ESMA guidelines (CESR/09-559, particularly Section 4 and Annex I) confirm that UCITS are generally non-complex. While any derivative use can introduce counterparty risk (as noted in the KID), for the purpose of MiFID II complexity, the key is whether the derivative is integral to the investment strategy or used for efficient portfolio management. In this case, the currency hedging is presented as the latter. Therefore, based on the provided information and MiFID II principles, the ETF is classified as non-complex."
    }
}