{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Benchmark Index Methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve its objective by investing in fixed income securities that make up the FTSE World Broad Investment-Grade USD Multilateral Development Bank Bond Capped Index. The replication method is physical, meaning it holds the underlying securities. The benchmark index is described as measuring the performance of US Dollar denominated, fixed-rate, investment grade multilateral development bank debt, which, while specific, is a transparent and understandable benchmark for an investment-grade bond market. The KID does not indicate any use of derivatives for investment purposes, only for currency hedging (FX forward contracts), which is a common and generally accepted practice for UCITS ETFs to manage currency risk. The ETF is managed passively and invests in fixed income securities. The risks mentioned are credit risk, interest rate risk, and issuer defaults, which are standard risks associated with fixed income investments and are not indicative of structural complexity. Securities lending is mentioned as a cost reduction measure, which is permissible for UCITS ETFs and, when managed within UCITS rules with collateral, does not automatically trigger complexity. There is no mention of leverage, embedded derivatives, or capital protection structures. The overall structure and investment policy appear straightforward and understandable for a retail investor with basic financial knowledge. The complexity of the benchmark index methodology does not inherently make the ETF complex if the index itself is transparent and its components are understandable. Based on the provided information, the ETF's structure, investment strategy, and disclosed risks align with a non-complex classification."
    }
}