{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Floating Rate Bond UCITS ETF GBP Hedged (Dist)",
    "investment_objective": "To track the Bloomberg Barclays US Floating Rate Note < 5 Years Index",
    "primary_asset_class": "Fixed Income (Floating Rate Bonds)",
    "geographic_focus": "US Dollar-denominated global fixed income securities",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF that physically holds a diversified portfolio of short maturity, investment grade US dollar floating rate bonds. The fund uses an optimisation sampling method to replicate the index but does not employ synthetic replication or swap agreements. Derivatives are used only for currency hedging (FX forwards), which is a risk management technique rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is low (risk level 2 out of 7), consistent with a straightforward bond index tracking fund. The fund engages in securities lending, but this is disclosed and does not add complexity under MiFID II. The underlying assets are liquid, investment grade bonds without contingent convertible features or complex structured products. No capital protection or structured features are present. Counterparty risk disclosures relate mainly to custody and FX hedging counterparties, typical for UCITS ETFs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and a simple portfolio of 408 bonds with an average maturity of 1.86 years and effective duration near zero, indicating low interest rate sensitivity. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure and no leverage, meeting the criteria for non-complex classification under MiFID II."
}