{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Italy Govt Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the Bloomberg Italy Treasury Bond Index by investing primarily in Italian government bonds with a credit rating aligned to Italy's sovereign rating. The fund uses physical replication with optimising techniques including strategic selection and representative sampling of bonds, but does not rely on synthetic replication or swap agreements. The use of financial derivative instruments (FDIs) is limited to currency hedging (FX forwards) and possibly minor direct investment purposes, not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure. The risk profile is medium-low (risk level 3-4), consistent with a straightforward fixed income government bond ETF. The fund is UCITS compliant, with no capital protection or structured features. Counterparty risk disclosures relate mainly to custodial and FX hedging counterparties, typical for such funds, without significant complexity. Costs are simple, with a TER of 0.22%, no performance fees, and securities lending revenue sharing that does not increase investor costs. The monthly factsheet confirms direct physical holdings of Italian government bonds, no use of swaps or complex derivatives, and a straightforward benchmark. No references to contingent bonds, leverage, synthetic replication, or complex structured products were found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}