{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u00a3 Ultrashort Bond UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx GBP Liquid Investment Grade Ultrashort Index through investment in investment grade sterling denominated ultrashort fixed income securities.",
    "primary_asset_class": "Fixed Income (Investment Grade Ultrashort Bonds)",
    "geographic_focus": "Sterling denominated bonds, primarily UK and other GBP markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication ETF investing directly in a diversified portfolio of investment grade sterling denominated ultrashort fixed income securities. The KIID and PRIIPs KID explicitly state the use of physical securities with sampled methodology, and no mention of synthetic replication, swap agreements, or total return swaps. The fund uses financial derivative instruments only potentially for direct investment purposes but not as an inherent element of the strategy, and derivative use is minimal and not leveraged. There is no leverage, inverse or amplified exposure. The risk profile is low (risk category 1 out of 7), consistent with the underlying investment grade short maturity bonds. The fund does engage in short-term securities lending, but this is a common practice and does not increase complexity under MiFID II. The monthly factsheet confirms physical portfolio holdings with no synthetic or swap-based replication. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge of 0.09%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate to normal custody and securities lending counterparties, not to synthetic replication. Overall, the fund exhibits a clear, linear relationship to the underlying index and invests in liquid, transparent securities. Therefore, it does not meet the MiFID II criteria for a complex financial instrument."
}