{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares \u20ac Govt Bond Climate UCITS ETF is a UCITS-compliant ETF that aims to track the FTSE Advanced Climate Risk-Adjusted European Monetary Union Government Bond Index. The fund invests primarily in fixed income securities (investment grade government bonds) that make up the index or provide similar performance, using optimising techniques. The KIID and PRIIPs KID documents indicate that while the fund may use financial derivative instruments (FDIs), these are primarily for direct investment purposes and currency hedging (e.g., FX forwards), not as an inherent element of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The fund uses physical holdings of bonds, confirmed by the factsheet stating 'Product Structure: Physical' and no indication of synthetic replication or funded/unfunded swaps. The risk profile is moderate low (risk level 3-4), consistent with direct investment in liquid, investment grade government bonds. There is no leverage, inverse or amplified exposure. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. The index tracked is climate risk-adjusted but does not involve complex structured products or contingent bonds. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, the fund is classified as non-complex under MiFID II criteria."
}