{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "FX hedging using swaps",
        "Counterparty risk from swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy (tracking the FTSE G7 and EMU Government Bond Index) and employs derivatives (specifically swaps) only for FX hedging. While this introduces counterparty risk, the swaps are used for efficient portfolio management rather than for leverage or complex strategies. The fund's risk profile is straightforward (government bonds), and the use of derivatives is transparent and limited to hedging currency risk. The fact sheet confirms the replication is physical, and the swaps are with reputable counterparties (Morgan Stanley, Societe Generale) within UCITS limits (no more than 10% of fund assets). The index itself is not complex, and the fund's documentation does not suggest any additional complexity beyond standard ETF risks. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}