{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares US Mortgage Backed Securities",
    "investment_objective": "To track the Bloomberg Barclays US Mortgage Backed Securities Index, investing primarily in US Dollar-denominated mortgage backed securities issued by US government agencies (GNMA, FNMA, FHLMC).",
    "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. The KIID and PRIIPs KID confirm the use of physical securities with no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund uses 'optimising techniques' which may include limited use of derivatives for efficient portfolio management, but these are not inherent to the investment strategy and thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is moderate low (risk level 3-4), consistent with fixed income MBS exposure. The fund holds a large number of underlying securities (522), all investment grade, with no complex structured products or contingent bonds. The fact sheet confirms physical sampling methodology and no synthetic or swap-based replication. Costs are straightforward with no performance fees or swap fees. Counterparty risk is disclosed as a general risk related to safekeeping and derivatives counterparties but no significant counterparty exposure is evident. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund is a straightforward, physically replicated fixed income ETF tracking a transparent index of US agency MBS, with minimal derivative use for risk management only, no leverage, and no complex underlying assets. Therefore, it is classified as non-complex under MiFID II criteria."
}