{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives used for currency hedging, not for index replication; no embedded derivatives, no leverage, no complex indices, no contingent convertible bonds, no swaps for index replication, no significant securities lending risk, no capital protection features, no opaque index, no significant counterparty risk from replication method.",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking the FTSE G7 Government Bond Index. It uses derivatives (FX forwards) solely for currency hedging to reduce exchange rate risk between the fund's base currency (USD) and underlying portfolio currencies, not for index replication. The replication method is physical (holding the underlying bonds), which is transparent and straightforward. The fund may engage in securities lending, but this is a secondary activity, well within UCITS limits, and does not dominate the risk profile. There is no significant leverage, no embedded derivatives, no complex or opaque index, and no capital protection features. The risk profile reflects standard fixed income risks (credit, interest rate, liquidity), not structural complexity. The use of derivatives for hedging introduces some counterparty risk, but this is ancillary to the main investment strategy and well-disclosed. The structure, risks, and objectives are clearly explained in the KIID and are understandable for retail investors with basic knowledge.",
    "classification": "non-complex"
}