{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which establishes a presumption of non-complexity. This presumption is upheld as the ETF employs a physical 'Direct Replication' method, specifically a sampled model, to track the transparent Bloomberg Global Aggregate Index. This structure is straightforward and easy for a retail investor to understand. The KIID states that derivatives may be used, but only for efficient portfolio management purposes such as managing inflows and outflows, not as a core part of the investment strategy to achieve its objective. According to the rules, this limited use does not trigger a complex classification. The ETF does not use leverage, swaps, or have any embedded derivatives. While it engages in securities lending, this is a secondary activity to offset costs and, when managed under UCITS rules, does not automatically render the product complex. The risks disclosed (credit, emerging markets, liquidity) are inherent market risks of the underlying bond asset class, not risks arising from a complex product structure."
    }
}