{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core GBP Corp Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core GBP Corp Bond UCITS ETF aims to track the Markit iBoxx GBP Liquid Corporates Large Cap Index by investing primarily in investment grade Sterling denominated corporate bonds. The fund uses physical replication with a sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of financial derivative instruments only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage, inverse or amplified exposure mentioned. The risk profile is moderate low (risk level 3-4), consistent with investment grade bond exposure. The fund does not employ capital protection or structured features. Counterparty risk disclosures relate mainly to custody and FX hedging counterparties, which is typical and not excessive. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms direct investment in a diversified portfolio of over 500 corporate bonds, with no indication of synthetic replication or complex underlying assets such as contingent convertible bonds or CLOs. The fund is UCITS compliant and uses physical replication. There are no complexity flags such as leverage, synthetic swaps, capital protection, or complex underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}