{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Potential counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication for its investment strategy, tracking the Bloomberg Global Aggregate Treasuries Index through direct investment in fixed income securities. While it does use financial derivative instruments (FDIs) for currency hedging and potentially for direct investment purposes, these uses appear to be for efficient portfolio management rather than creating significant additional risk or complexity. The risk profile remains transparent and understandable for retail investors, with no leverage, inverse exposure, or complex structured features. The use of derivatives is disclosed but appears to be within the scope of efficient portfolio management rather than creating a materially different risk profile. The fund's risk rating (4) is moderate and aligns with the nature of its investments in investment-grade government bonds. The PRIIPs KID and factsheet confirm the physical replication method and the limited use of derivatives for hedging and efficient management, supporting the non-complex classification.",
    "confidence": 90
}