{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Securities Lending",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the performance of the Bloomberg U.S. Government Inflation-Linked Bond Index using a stratified sampling strategy. It invests primarily in U.S. inflation-linked investment-grade government bonds. The ETF may use financial derivative instruments for efficient portfolio management. Securities lending is used but capped at 70% of Net Asset Value. There is no indication that any embedded derivatives are used, and no swaps are identified. The KIID mentions concentration risk, duration/interest rate risk, and index tracking risk but these are elements of market risk and tracking. Securities lending doesn't trigger complexity provided it is well managed, which is implied here.  Given that the KIID states  'The Fund is in risk category 4 as its return has experienced medium rises and falls historically' shows that this rating is derived from Market Risk/Volatility and is not considered to be of concern in complex asset classifications under MiFID II",
        "explanation": "The UCITS ETF uses physical replication to track a transparent index. Derivatives are only used for efficient portfolio management, not as an integral part of the investment strategy. While securities lending is employed, it is managed within UCITS rules and does not significantly increase risk or opacity. Therefore, the ETF is classified as non-complex."
    }
}