{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond 20+yr UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the ICE U.S. Treasury 20+ Years Bond Index by investing primarily in US government bonds with maturities over 20 years. The fund uses physical replication with a sampled methodology, directly purchasing underlying fixed income securities rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for investment purposes or risk management, not as an inherent element of the strategy, and no mention of funded or unfunded swaps or counterparty exposure is made. There is no leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7 in PRIIPs, 6 in KIID but this is due to credit and interest rate risk typical of long duration bonds, not complexity). The fund holds only investment grade US Treasury bonds, which are liquid and transparent, with no complex structured products or contingent capital instruments. Costs are straightforward with a low TER of 0.07%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical holdings of US Treasury bonds (99.99%) with no indication of synthetic replication or derivative overlays. There are no capital protection or structured features. The fund engages in securities lending but this is disclosed and does not add complexity. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}