{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac Ultrashort Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund aims to track the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index by investing primarily in euro-denominated investment grade ultrashort fixed income securities (bonds) with maturities between 0 and 3 years. The Fund uses physical replication with optimising techniques, including strategic selection of securities and may use financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent part 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 very low (risk category 1 out of 7), consistent with a straightforward bond ETF. The Fund engages in short-term securities lending to offset costs, but this does not increase complexity. The monthly factsheet confirms direct investment in a diversified portfolio of over 600 investment grade corporate bonds, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are simple, with a low ongoing charge of 0.09% and no performance fees. Counterparty risk disclosures relate to normal operational risks, not to synthetic replication or swap counterparty risk. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the Fund is a UCITS-compliant, physically replicated, low-risk bond ETF with minimal derivative use for efficient portfolio management, and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}