{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Development Bank Bonds UCITS EUR Hedged (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.",
    "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 documents confirm the fund uses physical replication with sampled methodology and only uses derivatives (FDIs) for currency hedging purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage or inverse strategies. 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 no synthetic or swap-based replication. The fund invests in liquid, investment-grade bonds without complex structured products or contingent convertible bonds. Costs are simple with no performance fees or swap fees. The use of FX forwards for hedging is standard and does not trigger complexity classification. There are no capital protection or structured features. Overall, the fund exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors without requiring specialized knowledge. Therefore, under MiFID II, this ETF is classified as non-complex."
}