{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, potential counterparty risk from OTC derivatives, but no securities lending, no leverage, no embedded derivatives, no complex indices, no contingent convertible bonds",
    "supporting_data": "The ETF is a UCITS-compliant, passively managed fund tracking a transparent, investment-grade bond index (Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped hedged to EUR Index). It primarily invests directly in the underlying bonds, but may use derivatives (specifically currency forwards) for efficient portfolio management (EPM) to hedge currency risk, in line with the index methodology. The use of OTC derivatives introduces counterparty risk, but this is mitigated by the fund's collateral policy. There is no securities lending, no leverage beyond UCITS limits, no embedded derivatives, and the index is straightforward with no complex features. The fund's structure, risks, and objectives are clearly disclosed and designed for retail investors with basic knowledge. The risk category is 3/7, reflecting market volatility but not structural complexity.",
    "classification": "non-complex"
}