{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares GBP Corp Bond 0-5yr UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the Markit iBoxx GBP Corporate 0-5 Index by investing primarily in fixed income securities (investment grade corporate bonds) with maturities between 0 and 5 years. The fund uses physical replication with a sampled approach to replicate the index, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of financial derivative instruments only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage, inverse or amplified exposure mentioned. The risk profile is low (risk level 2-3 out of 7), consistent with a straightforward bond ETF. The fund is UCITS compliant. The monthly factsheet confirms physical investment in a diversified portfolio of 469 investment grade corporate bonds, with no mention of synthetic replication or swap usage. The fund engages in securities lending, but this is standard and does not increase complexity. No capital protection or structured features are present. Counterparty risk is disclosed only in relation to custody and FX hedging counterparties, which is typical and not a complexity driver. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use limited to FX hedging, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. Therefore, it is classified as non-complex under MiFID II rules."
}