{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Short Duration High Yield Corp Bond UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx USD Liquid High Yield 0-5 Capped Index, investing primarily in short duration US Dollar denominated sub-investment grade corporate bonds.",
    "primary_asset_class": "Bond",
    "geographic_focus": "United States (USD denominated 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 short duration, sub-investment grade US dollar corporate bonds. The KIID and PRIIPs KID documents confirm the fund uses physical replication with sampled securities from the index and only limited use of financial derivative instruments (FDIs) expected, primarily for efficient portfolio management rather than as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate (level 3-4), consistent with bond credit and liquidity risk but not indicative of complexity. The monthly factsheet confirms direct bond holdings with no indication of complex underlying assets such as contingent convertible bonds or CLOs. Securities lending is used but does not increase complexity. No capital protection or structured features are present. Overall, the fund exhibits a straightforward, physical index-tracking strategy with transparent underlying assets and minimal derivative use, leading to a non-complex classification under MiFID II."
}