{
    "fund_name": "iShares Global Govt Bond Climate UCITS USD (Dist)",
    "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",
        "Optimised replication techniques that may include strategic selection of securities",
        "Counterparty risk from derivative instruments",
        "Climate risk-adjusted index methodology may introduce complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with optimised techniques that may include derivatives for direct investment purposes. While derivatives are mentioned, there is no indication of synthetic replication, leverage, or inverse exposure. The risk profile is rated 4 (medium risk), and the fund invests in investment-grade government bonds, which are generally considered less complex. The use of derivatives appears to be for efficient portfolio management rather than as an inherent element of the strategy. The climate risk-adjusted index methodology may introduce some complexity, but it does not appear to be sufficient to classify the fund as complex under MiFID II.",
    "confidence": 85
}