{
    "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 tracks the J.P. Morgan Government Bond Index Global (GBI Global) using direct physical replication, meaning it invests in the underlying transferable securities. The index itself is described as a bond index representative of fixed-rate government securities, which is generally considered transparent and understandable. While the ETF may use derivatives for efficient portfolio management (dealing with inflows and outflows or better exposition to index constituents), this is stated as a secondary purpose and not integral to achieving its investment objective. Securities lending is also mentioned as a means to generate additional income, which is a common practice and does not inherently make the ETF complex if managed within UCITS rules and with collateral. The risk and reward profile indicates market risk associated with international government bonds, but not structural complexity. The ongoing charges are low, and the description does not indicate any embedded derivatives, leverage, or other features that would typically render a UCITS ETF complex under MiFID II. The KIID is for a UCITS ETF, which is generally presumed non-complex. The regulatory documents confirm that UCITS are automatically non-complex unless they embed derivatives or have other complex structures. This ETF's stated investment policy aligns with the non-complex classification."
    }
}