{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Global AAA-AA Govt Bond UCITS ETF aims to track the Bloomberg Barclays Global Government AAA-AA Capped Bond Index by investing primarily in fixed income securities (government bonds) with high credit ratings. The fund uses physical replication with a sampled methodology, directly purchasing underlying government bonds rather than synthetic replication or swap agreements. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for direct investment purposes and possibly for risk management, but not as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to swaps. 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 complex fee structures. The monthly factsheet confirms physical holdings of a diversified portfolio of highly rated government bonds with no indication of synthetic replication or complex underlying assets. No PRIIPs comprehension warnings or complexity flags are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}