{
    "success": true,
    "data": {
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "optimizing",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Potential use of financial derivative instruments (FDIs) for direct investment purposes"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global Govt Bond UCITS ETF USD (Acc) is a UCITS ETF that aims to track the FTSE Group-of-Seven (G7) Government Bond Index. The KIID states that the ETF uses 'optimising techniques' and may use 'financial derivative instruments (FDIs) for direct investment purposes'. However, the primary investment policy focuses on investing in fixed income securities that make up the Index. While the potential use of FDIs for direct investment is mentioned, the core strategy is passive replication of a government bond index, which is generally considered straightforward. The fund also engages in securities lending for income, which is a common practice for ETFs and does not automatically render it complex. The risk profile is rated four, indicating market risk inherent in fixed income investments, but not structural complexity. The KIID does not indicate the use of leverage beyond UCITS limits, embedded derivatives, or complex underlying assets that would render it difficult for a retail investor to understand. The reference to 'optimising techniques' is broad, but in the context of tracking a government bond index, it's unlikely to involve highly complex strategies. Therefore, the presumption of non-complexity for UCITS ETFs is maintained."
    }
}