{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core UK Gilts 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 FTSE Actuaries UK Conventional Gilts All Stocks Index by investing primarily in UK government bonds, which are investment grade and denominated in Sterling. The fund uses physical replication with a sampled methodology, investing directly in fixed income securities rather than synthetic replication or swaps. While the fund may use financial derivative instruments (FDIs), these are limited to currency hedging (FX forwards) and possibly for efficient portfolio management, not as an inherent part of the investment strategy, so derivative use is not considered complexity-driving. There is no leverage, inverse or amplified exposure. The risk profile is moderate low (risk level 3-4), consistent with a straightforward bond ETF. The fund engages in securities lending, but this is standard and does not add complexity. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings of UK government gilts with no indication of complex underlying assets or contingent bonds. There is no capital protection or structured product features. Counterparty risk is disclosed but limited to standard custodial and derivative counterparties, typical for UCITS ETFs. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative exposure used only for hedging. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}