{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares u20ac Ultrashort Bond ESG UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, investment-grade ultrashort bond index. It primarily invests in underlying securities that make up the index, with only limited and non-integral use of derivatives for efficient portfolio management (EPM), not as a core strategy. The index is straightforward, market-cap weighted, and excludes complex or opaque securities. The ETF does not use leverage, swaps, or synthetic replication, and there is no evidence of embedded derivatives, contingent convertible bonds, or other complex features. The structure, risks, and payoff are easily understood by retail investors with basic knowledge. All these factors support a non-complex classification under MiFID II, consistent with the presumption that UCITS ETFs are non-complex unless specific complex features are present[1]. The limited derivative use for EPM does not, in this case, introduce material counterparty risk or opacity that would override the UCITS presumption of non-complexity."
}