{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares \u00a3 Corp Bond ex-Financials UCITS ETF is a UCITS-compliant exchange traded fund that physically invests in a diversified portfolio of sterling-denominated, investment grade corporate bonds issued by non-financial companies. The fund aims to track the Markit iBoxx GBP Non-Financials Index using physical replication with optimising techniques, including representative sampling of bonds. The KIID and PRIIPs KID documents confirm that derivatives may be used only for direct investment purposes or risk management, but there is no indication of synthetic replication, swap agreements, or funded/unfunded swap structures. The monthly factsheet explicitly states the product structure as 'Physical' and does not mention any use of swaps or leverage. There is no leverage or inverse exposure, and the risk indicator is moderate (level 3-4), consistent with a straightforward fixed income ETF. No capital protection or structured features are present. Costs are simple, with a TER of 0.20%, no performance fees, and no complex fee structures. Counterparty risk disclosures relate only to standard custody and securities lending counterparties, not to derivative counterparties. The underlying assets are liquid, investment grade corporate bonds, with no complex structured products or contingent convertible bonds. There are no references to roll costs, contango, or backwardation effects. Overall, the fund exhibits a clear, linear relationship to the underlying bond index performance, with minimal derivative use for risk management rather than strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}