{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Ultrashort Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the Markit iBoxx USD Liquid Investment Grade Ultrashort Index by investing primarily in US Dollar denominated investment grade ultrashort fixed income securities (corporate bonds). The fund uses physical replication with a sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for direct investment purposes and not as an inherent element of the strategy, with no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. There is no leverage, inverse or amplified exposure, and the risk indicator is low (2 out of 7), consistent with a straightforward fixed income ETF. The fund engages in short-term securities lending, but this is a common practice and does not increase complexity. The monthly factsheet confirms physical holdings of a diversified portfolio of over 700 investment grade corporate bonds with short maturities and no complex structured products or contingent convertible bonds. No capital protection or structured features are present. Costs are simple, with a low ongoing charge and no performance fees or swap fees. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and does not use leverage or synthetic replication. Therefore, under MiFID II criteria, it is classified as non-complex."
}