{
    "fund_name": "iShares  Govt Bond Climate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Climate risk-adjusted index methodology",
        "Optimisation techniques for replication",
        "Counterparty risk from securities lending"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF uses physical replication with optimisation techniques and does not employ leverage or inverse strategies. While it tracks a climate-adjusted index with complex methodology, the underlying assets are straightforward government bonds. The use of derivatives is limited to efficient portfolio management (securities lending for cost reduction), which does not trigger MiFID II complexity. The risk profile is rated 4/7, indicating moderate risk, and the fund is UCITS-compliant, further supporting its non-complex classification. The primary complexity factors are the index methodology and counterparty risk from securities lending, but these do not meet the MiFID II thresholds for complexity."
}