{
    "fund_name": "iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Securities lending activities",
        "Potential counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication to track the Bloomberg Barclays US Floating Rate Note < 5 Years Index, which consists of investment-grade floating-rate corporate bonds. While the fund uses derivatives for currency hedging (FX forward contracts) and may engage in securities lending, these activities are common in fixed-income ETFs and do not significantly alter the fund's risk profile. The underlying index and investment strategy are straightforward, focusing on short-duration, investment-grade floating-rate bonds. The risk profile is rated as '2' (low to medium risk), and the fund does not employ leverage or inverse strategies. The use of derivatives is limited to hedging and efficient portfolio management, not as an inherent element of the strategy. The fund's transparency, liquidity, and clear risk disclosures align with non-complex classifications under MiFID II. The PRIIPs KID and fact sheet confirm the physical replication method and lack of complex structures. The main complexity factors are the currency hedging and securities lending, but these do not trigger a 'complex' classification under MiFID II guidelines for standard ETFs."
}