{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives for EPM",
            "Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which carries a presumption of non-complexity under MiFID II Article 25(4). The fund uses physical replication, stating it will 'replicate the index by buying a portfolio of securities that may comprise the constituents of the index', which is a straightforward and transparent method. The underlying index, the FTSE Japanese Government Bond Index, consists of standard government bonds, which are not considered structurally complex. While the KIID states the fund may use derivatives, it specifies this is for efficient management ('to manage risk, reduce costs and improve results'), not as a core part of the replication strategy. Per the provided rules, this limited use for EPM with minimal impact does not trigger a complex classification. The fund also engages in securities lending, but this is a secondary feature and well-managed within UCITS rules, so it does not make the ETF complex. The overall structure and risks are understandable for a retail investor."
    }
}