{
    "fund_name": "iShares Broad Global Govt Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Potential counterparty risk from derivative usage",
        "Optimisation techniques that may include strategic selection of securities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with optimisation techniques that may include limited use of derivatives for direct investment purposes. While derivatives are mentioned, there is no indication of synthetic replication, leverage, or inverse strategies. The risk profile is rated 4 (medium risk) and the underlying assets are investment-grade government bonds, which are generally considered straightforward. The use of derivatives appears to be for efficient portfolio management rather than creating complex exposure. The fund is UCITS-compliant, which typically indicates a higher standard of transparency and investor protection. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 85
}