{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Ultrashort Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ Ultrashort Bond UCITS ETF is a UCITS-compliant ETF that aims to track the Markit iBoxx USD Liquid Investment Grade Ultrashort Index by investing primarily in US dollar denominated investment grade ultrashort fixed income securities. The fund uses physical replication with optimising techniques and may use financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent element of the 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 profile is low (risk level 2 out of 7), consistent with a straightforward fixed income index tracking strategy. The fund invests directly in a diversified portfolio of short maturity corporate bonds, with no complex underlying assets such as contingent convertible bonds or CLOs. The costs are simple, with a low ongoing charge (0.09%) and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical bond holdings, no use of swaps or synthetic replication, and a simple, transparent portfolio. Overall, the fund exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection features. Therefore, it is classified as non-complex."
}