{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Use of derivatives for direct investment purposes"
    ],
    "classification": "complex",
    "supporting_data": "The iShares Global Govt Bond UCITS ETF uses physical replication but explicitly states it may use financial derivative instruments (FDIs) for direct investment purposes, not just for efficient portfolio management (EPM). The KIID mentions counterparty risk related to derivatives, and the factsheet confirms the use of derivatives. While the ETF is UCITS-compliant and tracks a straightforward government bond index, the explicit use of derivatives beyond EPM triggers complexity under MiFID II. The risk profile (level 4) and counterparty risk disclosures further support this classification.",
    "confidence": 85
}