{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares US Mortgage Backed Securities EUR Hedged (Acc) Share Class",
    "investment_objective": "To track the Bloomberg Barclays US Mortgage Backed Securities Index by investing primarily in US Dollar-denominated mortgage backed securities issued by US government agencies.",
    "primary_asset_class": "Fixed Income (Mortgage Backed Securities)",
    "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 physical replication ETF investing directly in a diversified portfolio of US agency mortgage-backed securities (MBS). The KIID and PRIIPs KID documents confirm the fund uses 'optimising techniques' and may use financial derivative instruments (FDIs) such as FX forwards solely for currency hedging purposes, 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 profile is moderate (risk level 4 out of 7 in PRIIPs, 4 in KIID), consistent with fixed income credit and interest rate risks typical of MBS. The monthly factsheet confirms physical holdings of over 500 MBS securities issued by US government agencies (GNMA, FNMA, FHLMC) with no indication of complex structured products or contingent convertible bonds. The fund uses FX forwards only for currency hedging, which does not trigger 'derivatives' complexity under MiFID II. Costs are straightforward with a TER of 0.30%, no performance fees, and some securities lending revenue sharing disclosed. There are no capital protection or structured features. No leverage or inverse exposure is present. The fund's benchmark is a standard Bloomberg US MBS Index, which is transparent and liquid. Overall, the fund's structure, replication, and risk disclosures indicate a non-complex financial instrument under MiFID II."
}