{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares \u20ac Ultrashort Bond UCITS ETF aims to track the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index by investing primarily in euro-denominated investment grade ultrashort fixed income securities. The fund uses physical replication with a sampled methodology, investing directly in bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for direct investment purposes and not as an inherent element of the strategy, implying derivatives are used for risk management rather than to create synthetic exposure. There is no mention of swap agreements, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure, and the risk indicator is low (category 1 or 2 out of 7), consistent with a straightforward fixed income ETF. The monthly factsheet confirms physical investment in a diversified portfolio of 629 bonds with short maturities and investment grade credit quality. No capital protection or structured features are present. Costs are simple, with a low ongoing charge and no performance fees or complex fee structures. Counterparty risk disclosures relate to standard operational risks, not synthetic or swap counterparty risk. Overall, the fund exhibits none of the complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms that would classify it as complex under MiFID II. Therefore, it is classified as non-complex."
}