{
    "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 methodology, directly holding government bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of financial derivative instruments (FDIs) only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. 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 moderate low (risk level 3-4), consistent with a straightforward bond ETF. Costs are simple with a low ongoing charge (0.10%) and no performance fees or swap fees. The monthly factsheet confirms physical holdings of US Treasury bonds (99.93%) with no indication of synthetic replication or swap usage. The fund engages in securities lending but this is standard and does not add complexity. There are no references to complex indices, contingent bonds, leverage, or significant counterparty risk beyond normal custody and FX hedging counterparty risk. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication, and underlying assets are transparent and straightforward, leading to a non-complex classification under MiFID II."
}