{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "No significant complexity factors identified",
        "Physical replication of government bonds",
        "No leverage or inverse strategies",
        "No synthetic replication or swap usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Govt Bond UCITS ETF (IGLO) is a physically replicated ETF that invests directly in government bonds from G7 countries. The KIID and PRIIPs documents confirm it uses physical replication ('Product Structure: Physical') and does not employ synthetic replication, swaps, or leverage. The fund's investment objective is straightforward: tracking the FTSE G7 Government Bond Index through direct bond holdings. The risk profile is rated 4/7, which is moderate and typical for government bond funds. The only derivative-related mention is for potential use of financial derivative instruments (FDIs) for 'direct investment purposes,' but this is not elaborated upon in a way that suggests material complexity. The fund also engages in securities lending, but this is a common practice in ETFs and does not trigger complexity under MiFID II. The underlying assets (government bonds) are liquid and transparent, and the fund's structure is simple and easily understandable for retail investors. No capital protection mechanisms, contingent bonds, or structured products are involved. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}