{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u00a3 Ultrashort Bond ESG UCITS ETF",
    "investment_objective": "To track the iBoxx MSCI ESG GBP Liquid Investment Grade Ultrashort Index, investing primarily in sterling-denominated, investment grade, ultrashort fixed income securities with ESG criteria.",
    "primary_asset_class": "Fixed Income (Bonds)",
    "geographic_focus": "Sterling denominated bonds, primarily UK and other GBP markets",
    "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 sterling-denominated, investment grade ultrashort bonds that meet ESG criteria. The KIID and PRIIPs KID documents explicitly state the use of physical securities and only mention limited use of financial derivative instruments (FDIs) for direct investment purposes or optimisation, not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or counterparty risk related to derivatives beyond standard operational risks. The fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured product features. The risk indicator is low (category 1 or 2 out of 7), consistent with a straightforward bond ETF. The monthly factsheet confirms physical replication with a sampled methodology and no indication of synthetic replication or swap usage. The fund holds a broad portfolio of liquid investment grade bonds with no contingent convertible bonds or complex structured products. Costs are simple with a low TER and no performance fees or swap fees. Securities lending is conducted but revenue sharing does not increase costs. Overall, the fund exhibits a clear, linear relationship to the underlying index and does not present complexity factors that would trigger a MiFID II complex classification."
}