{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond 20+yr UCITS ETF GBP Hedged (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the ICE U.S. Treasury 20+ Years Bond Index by investing primarily in US government bonds with maturities over 20 years. The fund uses physical replication with sampled methodology, directly holding fixed income securities rather than synthetic replication or swap-based structures. While the fund may use financial derivative instruments (FDIs) such as FX forwards for currency hedging purposes, these are used solely for risk management and not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets like contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7) in the PRIIPs KID, reflecting typical fixed income risks such as interest rate and credit risk, but no complexity flags such as capital protection or structured features are present. Costs are straightforward with a low ongoing charge of 0.10%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical holding of US Treasury bonds with no indication of synthetic replication or leverage. The hedging strategy uses FX forwards but does not introduce complexity under MiFID II. There are no complexity indicators such as significant counterparty risk, capital protection, or structured return formulas. Therefore, the ETF is classified as non-complex under MiFID II."
}