{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG criteria application"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to reflect the performance of the Bloomberg MSCI Global Aggregate Sustainable and SRI Currency Neutral Index. The KIID states that the fund is passively managed and uses physical replication. The use of derivatives is limited to currency hedging, which is a common practice for UCITS ETFs and generally considered for efficient portfolio management, not as an integral part of the investment strategy. The index is based on global investment-grade fixed-rate debt markets, which are generally understood by retail investors. The ETF's risk and reward profile is rated 3 out of 7, indicating a relatively low fluctuation in share price and a lower likelihood of significant gains or losses compared to higher categories. While the fund incorporates ESG criteria, this is a screening mechanism applied to the index and does not inherently make the ETF's structure complex. The KIID explicitly mentions that the anticipated level of tracking error is 1%, which is a standard metric for ETFs. There are no indications of embedded derivatives, leverage beyond UCITS limits, or opaque structures. The asset class (global aggregate bonds) is generally considered less complex than equities or derivatives-based products. Therefore, based on the information provided, the ETF is classified as non-complex."
    }
}