{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares \u20ac Govt Bond 20yr Target Duration UCITS ETF aims to track the Markit iBoxx EUR Eurozone 20yr Target Duration Index by investing primarily in fixed income securities (government bonds) with a minimum rating of AA-. The fund uses a sampled physical replication method, directly purchasing underlying government bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for direct investment purposes and optimising techniques, but not as an inherent element of the investment strategy, implying derivatives are used for risk management or tracking efficiency rather than exposure creation. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to swaps. 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 (level 4 out of 7 in PRIIPs KID, level 6 in KIID but driven by credit and interest rate risk typical of long duration government bonds), with no capital protection or structured features. Costs are straightforward with a TER of 0.15%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication, direct bond holdings (58 government bond issues), and no synthetic or swap-based replication. The fund is UCITS compliant and does not carry complexity flags such as leverage, synthetic replication, or complex underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}