{
    "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 physically invests in a diversified portfolio of US Dollar denominated investment grade corporate bonds, tracking the Markit iBoxx USD Liquid Investment Grade Index. The fund uses physical replication with optimising techniques (sampling) rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for currency hedging (FX forwards) and possibly for short-term secured lending to offset costs, which is considered risk management rather than an inherent part of the investment strategy. There is no mention of synthetic replication, total return swaps, funded or unfunded swap structures, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is moderate (3 out of 7 in PRIIPs KID, 5 in KIID reflecting credit risk typical of investment grade bonds), consistent with a straightforward fixed income ETF. Costs are simple, with a TER of 0.25%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical holdings of nearly 2,900 bonds, with no indication of derivative-based replication or leverage. The currency hedging via FX forwards is standard and does not trigger complexity classification. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no complex derivative or leverage usage. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}