{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for direct investment purposes"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global AAA-AA Govt Bond UCITS ETF primarily uses physical replication to track its benchmark index, investing directly in government bonds. While the KIID mentions the use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is moderate (rated 4), and the underlying assets are straightforward government bonds from developed markets. The derivative usage is limited and does not introduce significant additional risk or complexity that would require specialist knowledge. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 90
}