{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares France Govt Bond UCITS ETF aims to track the Bloomberg Barclays France Treasury Bond Index by investing primarily in French government bonds with a credit rating equivalent to France's sovereign rating. The fund uses physical replication with a sampled methodology, 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 direct investment purposes and possibly for optimisation, but not as an inherent element of the strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured features. The risk profile is moderate low (risk level 3-4), consistent with a straightforward bond ETF. Costs are simple with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical investment in French government bonds with no indication of complex underlying assets or derivative usage. Securities lending is used but revenue sharing does not increase costs and is standard practice. No complexity flags such as contingent convertible bonds, leverage, or structured products are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}