{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core investment strategy, tracking the FTSE World Government Bond Index - Developed Markets. While it does use derivatives for currency hedging (GBP hedged share class), this is a common practice in bond ETFs to manage currency risk and does not introduce leverage or inverse exposure. The derivatives used are for efficient portfolio management rather than speculative purposes. The risk profile is rated 4/7, which is moderate, and the fund invests in investment-grade government bonds, making it relatively straightforward. The fact that it's UCITS-compliant and uses physical replication as its primary method further supports the non-complex classification. The only potential complexity factors are the use of derivatives for hedging and the associated counterparty risk, but these are not sufficient to classify the ETF as complex under MiFID II.",
    "confidence": 85
}