{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Development Bank Bonds UCITS USD (Acc) Share Class",
    "investment_objective": "To track the FTSE World Broad Investment-Grade USD Multilateral Development Bank Bond Capped Index by investing primarily in fixed income securities of multilateral development banks that are investment grade.",
    "primary_asset_class": "Fixed Income (Bonds)",
    "geographic_sector_focus": "Global USD-denominated multilateral development bank 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 investment grade USD-denominated bonds issued by multilateral development banks. The KIID and PRIIPs KID explicitly state the fund uses physical securities and only 'may use financial derivative instruments (FDIs) for investment purposes' but this is in the context of optimisation techniques, not synthetic replication or inherent derivative exposure. There is no mention of swap agreements, total return swaps, or counterparty risk related to derivatives beyond standard operational counterparty risk. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is low (3 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. The monthly factsheet confirms physical holdings with 93 bond issuers, no synthetic or swap-based replication, and no leverage. The fund invests in liquid, investment grade bonds with no contingent convertible bonds or complex structured products. Costs are simple with a TER of 0.15%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The fund\u2019s benchmark is a broad, transparent fixed income index without complex derivatives embedded. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication, underlying assets, risk profile, and costs indicate a non-complex ETF under MiFID II criteria."
}