{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Aggregate Bond ESG SRI UCITS ETF GBP Hedged (Acc)",
    "investment_objective": "To track the Bloomberg MSCI Global Aggregate Sustainable and Green Bond ESG SRI Index, investing in fixed income securities that meet ESG/SRI criteria.",
    "primary_asset_class": "Fixed Income (Bonds)",
    "geographic_focus": "Global, including developed and emerging markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication ETF investing directly in a broad portfolio of investment grade fixed income securities that meet ESG and SRI criteria. The fund uses an optimisation/sampling technique but does not employ synthetic replication or swap agreements. Derivatives are used only for currency hedging (FX forwards), not for investment exposure, so derivative use is not considered inherent to the strategy. There is no leverage, inverse or amplified exposure. The risk profile is moderate to low (Risk level 4 in KIID, 2 in PRIIPs KID), consistent with a bond fund. The fund holds a large number of underlying bonds (8,000+), mostly investment grade government and corporate bonds, with no indication of complex structured products or contingent convertible bonds. The fund engages in securities lending, but this is standard and disclosed with no complex fee structures. Counterparty risk is disclosed but limited to custodial and derivative counterparties for hedging, not for synthetic replication. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps for replication. The hedging strategy uses FX forwards to reduce currency risk but does not introduce leverage or complexity. Overall, the fund's structure and documentation indicate a straightforward, physically replicated bond ETF with ESG criteria, no synthetic elements, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}