{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares GBP Corp Bond 0-5yr UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx GBP Corporate 0-5 Index, composed of Sterling denominated investment grade corporate bonds with maturities between 0 and 5 years.",
    "primary_asset_class": "bond",
    "geographic_focus": "United Kingdom / 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 GBP corporate bonds with maturities between 0 and 5 years. The fund uses sampling techniques to replicate the index but does not employ synthetic replication or swap agreements. The KIID and PRIIPs KID documents confirm the use of physical holdings and only mention limited use of financial derivative instruments (FDIs) for direct investment purposes, which is typical for risk management and not an inherent part of the strategy, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator is low (3/7 in KIID, 2/7 in PRIIPs), consistent with a straightforward bond ETF. The fund engages in securities lending to offset costs, but this does not increase complexity. No capital protection or structured features are present. Counterparty risk is disclosed but limited to custodial and operational counterparties, not swap counterparties. The fund holds liquid, transparent fixed income securities with no contingent convertible bonds or complex structured products. The monthly factsheet confirms physical replication, no synthetic swap usage, and a broad diversified portfolio of 469 investment grade bonds. The TER is a simple 0.20% with no performance fees or complex fee structures. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}