{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for currency hedging",
        "Potential complexity of inflation-linked bonds",
        "Counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core investment strategy, tracking the Bloomberg World Government Inflation-Linked Bond Index. While it does use derivatives for currency hedging (EUR hedged), this is a common practice in international bond ETFs and doesn't significantly alter the risk profile. The underlying assets are government inflation-linked bonds, which are relatively transparent. The fund doesn't employ leverage, inverse strategies, or complex structured products. The risk profile (category 4) is clearly disclosed and aligns with the nature of inflation-linked bonds. While derivatives introduce some counterparty risk, this is standard for hedged ETFs and doesn't make the product complex under MiFID II standards. The fact sheet confirms physical replication as the primary methodology, with derivatives used only for currency hedging, not for synthetic replication or leverage.",
    "confidence": 90
}