{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ TIPS UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ TIPS UCITS ETF aims to track the Bloomberg US Government Inflation-Linked Bond Index, which consists of US Treasury Inflation-Protected Securities (TIPS). The fund uses physical replication with a sampled methodology, investing directly in inflation-linked government bonds. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for currency hedging (FX forward contracts), not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage or inverse exposure. The risk profile is moderate low (risk level 3-4), consistent with direct investment in investment-grade government bonds. The fund does engage in short-term securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms a physical product structure, direct holdings in US Treasury inflation-linked bonds (99.94% US Treasury), no complex underlying assets such as contingent convertible bonds or CLOs, and no leverage. Costs are straightforward with a low ongoing charge of 0.12%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index and invests in liquid, transparent securities. Therefore, under MiFID II, this ETF is classified as non-complex."
}