{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Development Bank Bonds UCITS GBP Hedged (Dist) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the FTSE World Broad Investment-Grade USD Multilateral Development Bank Bond Capped Index. The fund uses physical replication with sampled methodology to invest directly in underlying investment grade fixed income securities issued by multilateral development banks. The KIID and PRIIPs KID confirm that derivatives (FDIs) are used only for currency hedging purposes (FX forwards) and possibly for portfolio optimisation, but not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk related to derivatives. The fund does not employ leverage or inverse exposure. The risk profile is low (risk level 2-3 out of 7), consistent with a straightforward bond ETF. The monthly factsheet confirms physical holdings with no indication of synthetic replication or complex derivative usage. Securities lending is conducted but revenue sharing does not increase costs materially and is standard practice. No capital protection or structured features are present. The underlying assets are investment grade bonds from supranational issuers, which are liquid and transparent. No contingent convertible bonds or complex structured products are held. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use limited to hedging, thus classifying it as non-complex under MiFID II."
}