{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Corp Bond Interest Rate Hedged",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Interest Rate Hedging via Futures",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF that physically invests in US Dollar denominated investment grade corporate bonds. It aims to track the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index by holding underlying bonds and using US Treasury bond futures contracts to hedge interest rate risk. The use of futures is for hedging purposes only and not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or derivative counterparty risk beyond standard futures counterparty risk. The fund uses physical replication with some optimization techniques (sampling) but no synthetic replication. Leverage or inverse exposure is not present. The risk profile is moderate (risk level 3-4), consistent with investment grade bonds and interest rate hedging. Costs are straightforward with no performance fees or swap fees. The fund does engage in short-term securities lending, but this does not increase complexity under MiFID II. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings and use of futures for hedging, not synthetic replication or swaps. Therefore, the fund does not meet MiFID II criteria for complexity as it does not use synthetic replication, leverage, complex underlying assets, or capital protection features. The interest rate hedging via futures is a standard risk management technique and does not trigger classification as complex under MiFID II."
}