{
    "fund_name": "iShares US Mortgage Backed Securities",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex underlying assets (MBS)",
        "Potential for credit risk in MBS",
        "Liquidity risk in MBS"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Barclays US Mortgage Backed Securities Index, which consists of investment-grade mortgage-backed securities issued by US government agencies. While MBS can be complex underlying assets due to their structure and credit risk, the ETF itself does not use derivatives, leverage, or synthetic replication methods. The fund's risk profile is rated 4 out of 7, indicating moderate risk, and the use of derivatives is limited to efficient portfolio management (e.g., optimising techniques for replication). The ETF is UCITS-compliant, which typically implies a higher standard of transparency and investor protection. The main complexity factors are the underlying MBS assets, but these are standard for the asset class and do not trigger a 'complex' classification under MiFID II.",
    "confidence": 85
}