{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Germany Govt Bond 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 Bloomberg Germany Treasury Bond Index by investing primarily in German government bonds with a credit rating equivalent to Germany's sovereign rating. The fund uses physical replication with a sampled methodology, directly purchasing underlying fixed income securities rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for direct investment purposes and optimising techniques, not as an inherent part of the strategy, and no mention of funded or unfunded swaps or counterparty risk beyond normal custodial risk is made. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is moderate low (risk level 3-4), consistent with direct investment in sovereign bonds. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio composed almost entirely of German government bonds with high credit quality and good liquidity. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}