{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares US Mortgage Backed Securities",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Mortgage Backed Securities exposure, Optimised sampling",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant ETF physically replicating the Bloomberg US Mortgage Backed Securities Index by investing directly in fixed income securities (mortgage-backed securities issued by US government agencies such as GNMA, FNMA, FHLMC). The KIID and PRIIPs KID confirm the use of 'optimising techniques' including strategic selection and possible limited use of financial derivative instruments (FDIs) for direct investment or risk management purposes only, but no synthetic replication or swap usage is indicated. There is no mention of funded or unfunded swaps, counterparty risk related to derivatives, or leverage. The risk profile is moderate (risk level 3-4), consistent with fixed income credit and liquidity risks inherent in mortgage-backed securities, but no complexity flags such as capital protection, leverage, or structured features are present. The monthly factsheet confirms physical sampling methodology and no synthetic or swap-based replication. Costs are straightforward with no performance fees or swap fees. Although MBS are inherently more complex than plain vanilla bonds due to prepayment and liquidity risks, the ETF itself does not use derivatives as an inherent part of its strategy but only for optimisation or hedging, so derivatives are marked false. There is no leverage or inverse exposure. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}