{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond 1-3yr UCITS ETF MXN Hedged (Acc) Share Class",
    "investment_objective": "To track the ICE U.S. Treasury 1-3 Year Bond Index by investing primarily in US government bonds with maturities between 1 and 3 years.",
    "primary_asset_class": "Fixed Income (US Treasury Bonds)",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that physically invests in US Treasury bonds with maturities of 1-3 years, aiming to replicate the ICE US Treasury 1-3 Year Bond Index. The fund uses a sampling methodology but invests directly in fixed income securities rather than synthetic replication. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments 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 mention of swap agreements, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure. The risk profile is low (risk level 2 out of 7), consistent with a straightforward fixed income ETF. The fund engages in securities lending, but this is standard and does not increase complexity. The monthly factsheet confirms physical holdings of US Treasury bonds (99.91%) with no indication of complex underlying assets or structured products. The hedging strategy uses FX forwards solely to reduce currency risk between USD and MXN, which is a common risk management tool and does not trigger complexity classification. No capital protection or structured features are present. Costs are simple with a low ongoing charge of 0.10% and no performance fees. There are no complexity warnings or comprehension warnings in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and does not use synthetic replication or leverage. Therefore, under MiFID II, this ETF is classified as non-complex."
}