{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The fund is passively managed and replicates the FTSE World Government Bond Index. The fund may employ techniques and instruments including derivatives to manage risk and improve results and may engage in securities lending.  The fund is in category 4 of the KID risk scale.",
        "classification": "non-complex",
        "supporting_data": "Based on the Key Investor Information Document, this UCITS ETF is generally non-complex. It aims to replicate the performance of the FTSE World Government Bond Index - Developed Markets. The fund uses physical replication, meaning it holds the underlying securities of the index, which is a straightforward approach. While the fund may use derivatives for risk management and cost reduction (EPM), this does not automatically classify it as complex. Securities lending is mentioned as a feature to generate additional income, but the KII doesn't highlight if this will significantly alter the risk profile or increase the opacity. The KID provides clear information on the fund's objective, structure, and risks, which supports a non-complex classification.  The risk profile is given as 4/7 on the KID risk scale, which reflects market volatility, but does not indicate structural complexity. The asset is a UCITS ETF, so it is by definition non-complex. The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the value of the performance of the index. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the bond will fall, which could also affect the value of your investment."
    }
}