{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management and currency hedging, but not central to strategy; no embedded derivatives, structured products, or complex indices; no significant leverage or contingent convertible bonds; no securities lending; index is transparent and straightforward",
    "supporting_data": "The ETF is a UCITS-compliant, passively managed fund tracking a transparent index of Multilateral Development Bank bonds. It may use derivatives for efficient portfolio management (EPM) and to hedge currency risk, but derivatives are not central to the investment strategy. The fund does not engage in securities lending, does not use significant leverage, and does not hold embedded derivatives, structured products, or complex indices. The underlying index is transparent and well-documented. The use of derivatives is disclosed and risks (e.g., counterparty risk) are mitigated by collateral policies. The structure, risks, and objectives are straightforward and disclosed in the KID, supporting the view that a retail investor with basic knowledge can understand the product.",
    "classification": "non-complex"
}