{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ Ultrashort Bond ESG UCITS ETF is a UCITS-compliant ETF that physically invests in a diversified portfolio of US Dollar denominated, investment grade, ultrashort fixed income securities (bonds) that make up the iBoxx MSCI ESG USD Liquid Investment Grade Ultrashort Index. The fund uses a sampled physical replication method, aiming to hold the underlying bonds directly rather than synthetic replication via swaps or derivatives. Although the fund may use financial derivative instruments (FDIs), these are employed only for direct investment purposes and not as an inherent element of the investment strategy, thus not triggering complexity under MiFID II. There is no indication of synthetic replication, funded or unfunded swaps, 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 low (risk category 2 out of 7), consistent with a straightforward fixed income strategy. Costs are simple, with a low ongoing charge (0.09%) and no performance fees or complex fee structures. The fund engages in securities lending with revenue sharing, but this does not increase complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of liquid, investment grade bonds with short maturities and low duration. Overall, the fund exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection features. Therefore, it is classified as non-complex."
}