{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Spain Govt Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the Bloomberg Spain Treasury Bond Index, investing primarily in Spanish government bonds. The replication method is physical, using sampled securities from the index rather than synthetic replication or swaps. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for currency hedging (FX forwards), which is considered risk management rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure mentioned. The fund does not invest in complex underlying assets such as contingent convertible bonds or CLOs, nor does it have capital protection or structured features. The risk profile is medium-low (risk level 3-4), consistent with a straightforward bond ETF. The monthly factsheet confirms direct investment in Spanish government bonds with no indication of swap usage or synthetic replication. Securities lending is used but does not increase complexity under MiFID II. No complexity flags such as counterparty risk from swaps, leverage, or structured products are present. Therefore, the ETF is classified as non-complex under MiFID II."
}