{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ TIPS UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ TIPS UCITS ETF aims to track the Bloomberg US Government Inflation-Linked Bond Index, which consists of US Treasury inflation-linked bonds (TIPS). The fund uses physical replication with a sampled methodology, investing directly in inflation-linked government bonds. The KIID and PRIIPs KID documents confirm the use of physical securities rather than synthetic replication or swap agreements. While the fund may use financial derivative instruments (FDIs) for currency hedging (e.g., FX forwards), these are for risk management purposes only 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 such as contingent convertible bonds or CLOs. The risk profile is moderate low (risk level 3-4), consistent with direct investment in investment grade government bonds. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or complex fee structures. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms the fund holds 99.94% US Treasury inflation-linked bonds, with no indication of derivative-based replication or complex structured products. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use limited to currency hedging, and no leverage or synthetic replication. Therefore, under MiFID II, this ETF is classified as non-complex."
}