{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares US Aggregate Bond UCITS ETF aims to track the Bloomberg US Aggregate Bond Index through physical investment in fixed income securities, including government, government-related, corporate, and securitized bonds. The fund uses optimising techniques and may use financial derivative instruments (FDIs) for direct investment purposes and currency hedging (e.g., FX forwards), but these are not inherent to the investment strategy and are used for risk management rather than leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The fund is UCITS compliant, uses physical replication with sampled methodology, and does not employ leverage or inverse strategies. The risk profile is moderate (risk level 3-4), consistent with investment grade bond exposure and typical fixed income risks such as credit risk, interest rate risk, liquidity risk, and counterparty risk related to safekeeping and derivative counterparties. Costs are straightforward with a TER of 0.30%, no performance fees, and no complex fee structures. The fund holds a large number of underlying securities (over 9,500), all investment grade, with no contingent convertible bonds or complex structured products. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and no leverage. Currency hedging is done via FX forwards, which is standard and not considered a complexity driver under MiFID II. Therefore, the fund does not meet the MiFID II criteria for classification as a complex financial instrument."
}