{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Spain Govt Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Spain Govt Bond UCITS ETF aims to track the Bloomberg Spain Treasury Bond Index by investing primarily in Spanish government bonds. The fund uses a physical replication method with a sampled approach, investing directly in fixed income securities rather than synthetic replication or swaps. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage, inverse or amplified exposure mentioned. The fund is UCITS compliant, with a risk rating of 4 (medium-low), consistent with a straightforward fixed income ETF. The monthly factsheet confirms direct investment in government bonds with no indication of synthetic replication or complex underlying assets. The fund engages in securities lending to reduce costs, but this does not increase complexity under MiFID II. No capital protection or structured features are present. Counterparty risk disclosures relate mainly to custody and FX hedging counterparties, typical for such funds and not indicative of complexity. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and does not use swaps or leverage. Therefore, it is classified as non-complex under MiFID II."
}