{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ Treasury Bond UCITS ETF aims to track the ICE U.S. Treasury Core Bond Index by investing primarily in US Treasury fixed income securities. The fund uses physical replication with a sampled approach, investing directly in underlying government bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for direct investment purposes and optimising techniques, not as an inherent element of the strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate low (3 out of 7), consistent with a straightforward fixed income ETF. The monthly factsheet confirms direct investment in US Treasury bonds with no complex underlying assets or structured products. Costs are simple with a low ongoing charge (0.07%) and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs and is excluded from charges. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and uses physical replication without leverage or synthetic elements, leading to a non-complex classification under MiFID II."
}