{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging and efficient portfolio management",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking a transparent, investment-grade sovereign bond index. It uses derivatives solely for currency hedging at the share class level and for efficient portfolio management (EPM), not as a core strategy. Securities lending is present but limited and well-collateralized. There is no significant leverage, no embedded derivatives, and no complex or opaque index. The structure, risks, and objectives are clearly disclosed and understandable for retail investors with basic knowledge. The use of derivatives is ancillary and does not dominate the risk profile or make the product difficult to understand.",
    "classification": "non-complex"
}