{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers II Global Government Bond UCITS ETF is classified as non-complex. The fund is passively managed and aims to replicate the performance of the FTSE World Government Bond Index u2013 Developed Markets. It explicitly states that it is a UCITS ETF, which carries a presumption of being non-complex. The KIID indicates that the fund uses physical replication, buying a portfolio of securities that comprise the index constituents or other unrelated investments. While the fund mentions entering into financial contracts (derivatives) to attempt to reduce the effect of exchange rate fluctuations, this is for hedging currency risk, which is generally considered efficient portfolio management and does not inherently make the ETF complex. The fund's objective is to track a transparent index, and its structure is straightforward. The risk and reward profile is classified as category 4, which is described as 'relatively high' due to fluctuations, but this is attributed to market risk rather than structural complexity. There is no mention of leverage, embedded derivatives, or opaque structures. Securities lending is mentioned but as a secondary feature to generate income, with clear revenue sharing and cost allocation, not impacting the core complexity of the ETF. Based on the provided information and MiFID II guidelines, the ETF's structure, investment policy, and risk profile align with a non-complex classification."
    }
}