{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Govt Bond Climate UCITS USD (Dist) Share Class",
    "investment_objective": "Track the FTSE Advanced Climate Risk-Adjusted World Government Bond Index, focusing on investment grade government bonds with climate risk adjustments",
    "primary_asset_class": "Fixed Income (Government Bonds)",
    "geographic_focus": "Global (Countries worldwide with government bonds)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF that physically invests in investment grade government bonds globally, tracking a climate risk-adjusted government bond index. The KIID and PRIIPs KID explicitly state the use of 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for direct investment purposes, but these are not inherent to the strategy and are used for efficient portfolio management rather than leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate low (3 out of 7), consistent with a straightforward bond ETF. The monthly factsheet confirms physical holdings of nearly 800 government bonds with no indication of synthetic replication or complex underlying assets such as contingent convertible bonds or CLOs. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. No capital protection or structured features are present. Costs are simple with a TER of 0.20%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate to normal custody and securities lending counterparties, not to synthetic swap counterparties. The index tracked is a climate risk-adjusted government bond index, which is a transparent and understandable index, not a complex or structured index. There are no references to roll costs, contango, or backwardation effects. Therefore, the fund does not meet MiFID II criteria for classification as complex."
}