{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Corp Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ Corp Bond UCITS ETF is a UCITS-compliant ETF that aims to track the Markit iBoxx USD Liquid Investment Grade Index, composed of US Dollar denominated investment grade corporate bonds. The fund uses physical replication with optimising techniques (sampling) to closely track the index, investing directly in fixed income securities rather than synthetic replication or swaps. The KIID and PRIIPs KID documents confirm the use of physical bonds and only mention derivatives in the context of currency hedging (FX forwards) and short-term securities lending, which are risk management or cost-offsetting tools rather than inherent to the investment strategy. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, and 5 in KIID reflecting credit risk typical of investment grade bonds), with no capital protection or structured features. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical portfolio holdings with over 2,800 bonds, diversified across sectors and issuers, and no indication of derivative-based replication or leverage. The use of derivatives is limited to FX hedging and securities lending, which does not trigger complexity classification under MiFID II. There are no complexity flags such as synthetic replication, leverage, contingent bonds, or capital protection mechanisms. Therefore, the ETF is classified as non-complex under MiFID II."
}