{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Macro-weighted index methodology",
        "Securities lending program"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE MTS Highest Rated Macro-Weighted Government Bond 1-3Y Index, which consists of Eurozone government bonds with high credit ratings. While the index uses macroeconomic weighting, this does not inherently make the ETF complex. The fact sheet confirms physical replication and no leverage or inverse exposure. The only potential complexity factors are the macro-weighted index methodology and the securities lending program, but these are common in bond ETFs and do not trigger MiFID II complexity classification. The ETF is UCITS-compliant, further supporting its non-complex status.",
    "confidence": 90
}