{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Govt Bond UCITS ETF (USD Acc) is classified as non-complex under MiFID II for the following reasons: 1. Physical replication method: The fund uses physical replication to track the FTSE G7 Government Bond Index, investing directly in the underlying government bonds. 2. No leverage or inverse exposure: The fund does not employ leverage or inverse strategies. 3. Minimal derivative usage: While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the fact sheet explicitly states the product structure is 'Physical'. This suggests derivatives are used only for efficient portfolio management (e.g., hedging) rather than as a core strategy. 4. Transparent underlying assets: The fund invests in liquid, transparent government bonds from G7 countries, which are easily understood by retail investors. 5. Risk profile: The fund's risk rating (4 out of 7) is moderate and aligns with the inherent risks of government bond investing. 6. No complex features: There are no capital protection mechanisms, structured products, or other complex features. The only potential complexity factor is the mention of FDIs in the KIID, but this is mitigated by the fact sheet's 'Physical' designation and the lack of any indication that derivatives are used for anything beyond basic portfolio management. The fund's straightforward structure, liquid underlying assets, and transparent replication method make it suitable for retail investors.",
    "confidence": 95
}