{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Italy Govt Bond UCITS ETF is primarily a physically replicated ETF tracking the Bloomberg Barclays Italy Treasury Bond Index. While it uses derivatives for currency hedging (FX forwards) and engages in securities lending, these activities are standard practices in bond ETFs and do not significantly alter the risk profile. The fund's investment strategy is straightforward, focusing on direct investment in Italian government bonds with a medium credit rating. The use of derivatives is limited to hedging and does not involve leverage, inverse exposure, or complex structured products. The risk profile is rated as medium (4 out of 7), which is typical for bond ETFs. The fund's transparency, liquidity, and the absence of capital protection mechanisms or contingent return features align with a non-complex classification under MiFID II.",
    "confidence": 90
}