{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Corp Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares $ Corp Bond UCITS ETF aims to track the Markit iBoxx USD Liquid Investment Grade Index by investing primarily in US Dollar denominated investment grade corporate bonds. The fund uses physical replication with optimising techniques, including representative sampling, but does not rely on synthetic replication or swap agreements. The KIID and PRIIPs KID documents confirm the use of physical bonds rather than derivatives as the core investment, with derivatives only potentially used for direct investment purposes but not as an inherent element of the strategy. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-low (3 out of 7 in PRIIPs KID, 5 in KIID but consistent with fixed income risk), reflecting credit, interest rate, and liquidity risks typical of bond funds. The fund is UCITS compliant, with a straightforward index-tracking objective, investing in liquid, transparent securities. Costs are simple, with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no mention of swap usage, and a large diversified portfolio of over 2,800 bonds. No complex underlying assets such as contingent convertible bonds or CLOs are indicated. Counterparty risk disclosures relate to normal custody and securities lending arrangements, not synthetic structures. Overall, the fund does not meet MiFID II complexity criteria related to synthetic replication, leverage, complex derivatives, or structured features, and is therefore classified as non-complex."
}