{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac UltraShort Bond ESG SRI UCITS ETF EUR (Dist)",
    "investment_objective": "To track the iBoxx MSCI ESG SRI EUR Liquid Investment Grade Ultrashort Index by investing in Euro denominated, investment grade, ultrashort fixed income securities with ESG criteria.",
    "primary_asset_class": "Fixed Income (Bonds)",
    "geographic_focus": "Eurozone / Euro denominated bonds",
    "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 invests in a diversified portfolio of Euro denominated, investment grade, ultrashort maturity bonds screened for ESG criteria. The fund uses 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for direct investment purposes, but these are not inherent to the strategy and are used for tracking efficiency rather than leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The fund does not employ leverage, inverse or amplified exposure. The risk profile is low (risk level 2 out of 7), consistent with ultrashort duration bond funds. The fund uses physical replication with sampled securities and does not rely on derivatives as a core element of the investment strategy. Counterparty risk is disclosed but limited, typical for UCITS funds with custodial arrangements. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees. The monthly factsheet confirms physical portfolio holdings with no indication of synthetic or swap-based replication. No capital protection or structured features are present. The PRIIPs KID does not include any complexity or comprehension warnings. Overall, the fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II."
}