{
    "success": true,
    "data": {
        "asset_name": "iShares France Govt Bond UCITS ETF GBP Hedged (Dist)",
        "is_ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "FX Forward Contracts for Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the Bloomberg Barclays France Treasury Bond Index, which is a standard government bond index. The replication method is described as 'optimising techniques' which may include 'strategic selection of certain securities' and 'use of financial derivative instruments (FDIs)'. However, the objective is to replicate the index, and the primary investment is in fixed income securities. The use of FDIs is mentioned in the context of currency hedging (FX forward contracts) and potentially for 'efficient portfolio management'. The KID indicates a risk category of four, but this is attributed to the nature of its investments (fixed income securities, credit risk, interest rate risk) rather than structural complexity. The use of derivatives for hedging purposes, as opposed to being integral to the investment objective in a complex way, and the primary focus on physical replication of a government bond index, suggest a non-complex classification. The presence of FX forward contracts for hedging, while technically a derivative, is a common and generally understood practice for UCITS ETFs that are currency-hedged, and does not inherently make the product complex under MiFID II, especially when compared to synthetic replication or complex underlying strategies. The core strategy is passive tracking of a sovereign bond index."
    }
}