{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core GBP Corp Bond UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx GBP Liquid Corporates Large Cap Index, reflecting the Sterling denominated investment grade bond market.",
    "primary_asset_class": "Bond",
    "geographic_focus": "UK / Sterling denominated corporate bonds",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF that physically invests in a diversified portfolio of investment grade Sterling corporate bonds. The fund uses a sampling (optimising) technique to replicate the index but does not employ synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. Derivatives may be used only for efficient portfolio management or hedging, which does not trigger complexity under MiFID II. The fund does not use leverage, inverse or amplified exposure. The risk profile is moderate low (risk level 3-4), consistent with investment grade bond exposure. Costs are straightforward with a TER of 0.20%, no performance fees, and no complex fee structures. The fund does engage in securities lending but this is disclosed and revenue sharing is transparent. The underlying assets are liquid, investment grade bonds with no contingent convertible bonds or complex structured products. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and a straightforward portfolio of 502 bonds with an average maturity of 8.8 years and effective duration of 5.9 years. No leverage or synthetic structures are used. Therefore, the ETF does not meet any MiFID II complexity criteria related to synthetic replication, leverage, complex underlying assets, or capital protection features."
}