{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Core \u20ac Govt Bond UCITS ETF aims to track the Bloomberg Euro Treasury Bond Index by investing primarily in Euro-denominated sovereign bonds issued by EMU member states. The fund uses physical replication with a sampled methodology, directly holding investment-grade 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), these are only for direct investment purposes and not as an inherent part of the strategy, thus derivatives are not considered a complexity factor here. There is no mention of funded or unfunded swaps, counterparty exposure related to swaps, leverage, inverse or amplified returns. The risk profile is moderate low (risk level 3-4), consistent with a straightforward bond ETF. The fund does engage in short-term securities lending, but this is a common practice and does not add complexity under MiFID II. The monthly factsheet confirms the physical structure, no leverage, no complex underlying assets such as contingent convertible bonds or CLOs, and no capital protection features. Costs are simple with a low ongoing charge (0.07%) and no performance fees. There is no PRIIPs comprehension warning or other complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index and invests in liquid, transparent government bonds, making it non-complex under MiFID II."
}