{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Securities lending activities",
        "Complex global bond index with 17,418 holdings"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core investment strategy, tracking the Bloomberg Global Aggregate Bond Index through direct investment in global investment-grade bonds. While it does use derivatives for currency hedging (FX forward contracts) and engages in securities lending, these activities are standard practices in bond ETFs and do not significantly alter the fund's risk profile. The use of derivatives is limited to efficient portfolio management and hedging, not for leverage or complex strategies. The fund's risk rating (4) is consistent with other bond ETFs, and the underlying assets are transparent and liquid investment-grade bonds. The complexity factors present (currency hedging, securities lending) are common in bond ETFs and do not make the product unsuitable for retail investors. The fund's prospectus and KIID provide adequate disclosure about these activities, and the overall structure remains straightforward for investors to understand.",
    "confidence": 90
}