{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is passively managed and aims to replicate the FTSE World Government Bond Index u2013 Developed Markets. It uses a physical replication method by holding a portfolio of securities that may comprise the constituents of the index. The document explicitly states that UCITS are presumed non-complex. The ETF aims to minimize foreign currency fluctuations, which is considered efficient portfolio management. While it mentions the use of derivatives for efficient portfolio management and to reduce currency fluctuations, it is implied that this use is for hedging and management rather than as an integral part of the investment strategy to achieve its objective. There is no mention of complex underlying assets, embedded derivatives, or significant leverage. The risk profile is described as category 4, which is a moderate risk level, but this refers to market volatility and not structural complexity as per MiFID II. The index itself is a benchmark for government bonds, which are generally considered straightforward. The KID provides clear information on the index and the ETF's investment policy, supporting ease of understanding for a retail investor. The mention of securities lending is accompanied by details on revenue sharing which does not increase the costs of running the fund and is unlikely to add complexity. The document does not indicate any features that would typically classify a UCITS ETF as complex under MiFID II, such as synthetic replication, complex underlying assets, or embedded derivatives designed to alter the payoff profile in a complex manner."
    }
}