{
    "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 iShares Italy Govt Bond UCITS ETF is a UCITS-compliant exchange-traded fund that aims to track the Bloomberg Italy Treasury Bond Index by investing primarily in Italian government bonds. The fund uses physical replication with a sampled methodology, directly investing in fixed income securities that make up the index or similar securities. Although the fund may use financial derivative instruments (FDIs) for direct investment purposes and employs optimising techniques, there is no indication of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is moderate (risk level 3-4), consistent with direct bond exposure and credit risk, without significant derivative or counterparty risk disclosures. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase fund costs. The PRIIPs KID confirms a medium-low risk classification (3/7) and no complexity warnings or comprehension warnings are present. The monthly factsheet confirms physical replication, direct bond holdings (93 issuers, 100% Italian government bonds), no leverage, and no synthetic structures. Therefore, under MiFID II criteria, the fund is classified as non-complex due to its physical replication, lack of leverage, absence of synthetic swap usage, and straightforward underlying assets."
}