{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The fund invests in Australian Government bonds. Derivatives are mentioned, but only for risk management, not as the core strategy. The KID indicates a currency hedge at the share class level. Securities lending is mentioned but not the core strategy.",
        "classification": "non-complex",
        "supporting_data": "The Xtrackers II Australia Government Bond UCITS ETF primarily uses physical replication, tracking the FTSE Australian Government Bond Index. Derivatives are employed for efficient portfolio management (currency hedging), not as an integral part of the investment strategy. There is a mention of securities lending. The underlying index tracks government bonds which is not itself complex. Given the structure of the fund, with physical replication and the use of derivatives for risk management only, it appears to meet the criteria for a non-complex classification under MiFID II. The KID also indicates a risk level of 4/7 and the instrument is authorized in Luxembourg. In Section 3.69 of the MiFID document it says 'All investments in UCITS are non-complex instruments by definition, for the purposes of the appropriateness requirements, regardless of the underlying instruments in which the UCITS invests.' The document also states that an ETF structured as a UCITS will be automatically non-complex."
    }
}