{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) Share Class",
    "investment_objective": "To track the ICE U.S. Treasury 3-7 Year Bond Index return through capital growth and income",
    "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 between 3 and 7 years. The fund uses a sampling methodology to replicate the index but primarily holds fixed income securities directly. The KIID and PRIIPs KID documents mention the use of financial derivative instruments (FDIs) only for currency hedging purposes (FX forward contracts) and possibly for short-term secured lending, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is low (3 in KIID, 2 in PRIIPs KID), consistent with a straightforward fixed income ETF. The monthly factsheet confirms physical product structure, direct investment in US Treasury bonds, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. Costs are simple with a low TER of 0.10%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The fund\u2019s complexity is low, with no elements triggering MiFID II complexity classification. The use of derivatives is limited to FX hedging, which is considered risk management rather than a complexity factor. Therefore, the fund is classified as non-complex under MiFID II."
}