{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Italy Govt Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the Bloomberg Barclays Italy Treasury Bond Index by investing primarily in Italian government bonds with a credit rating aligned to Italy's sovereign rating. The fund uses physical replication with optimising techniques, including strategic selection and representative sampling of bonds, but does not rely on synthetic replication or swap agreements. Derivatives are used only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivative exposure is minimal and risk-managed. There is no leverage, inverse or amplified exposure. The risk profile is medium-low (risk level 3-4), consistent with direct investment in fixed income securities. The fund is UCITS compliant, with no capital protection or structured features. Counterparty risk disclosures relate mainly to custodial and FX counterparties, typical for such funds, without significant complexity. Costs are straightforward with a TER of 0.22%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms direct physical holdings of Italian government bonds, no use of swaps or synthetic replication, and no complex underlying assets. There are no contingent convertible bonds or complex structured products in the portfolio. 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, making it non-complex under MiFID II criteria."
}