{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Corp Bond UCITS ETF USD (Acc)",
    "investment_objective": "To track the Bloomberg Barclays Global Aggregate Corporate Bond Index, providing exposure to global investment grade corporate bonds.",
    "primary_asset_class": "bond",
    "geographic_focus": "Global (emerging and developed 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 bond ETF that physically invests in a diversified portfolio of investment grade corporate bonds globally. The KIID and PRIIPs KID explicitly state the fund uses 'optimising techniques' including strategic selection of securities and may use financial derivative instruments (FDIs) for direct investment purposes, but this is limited and primarily for efficient portfolio management rather than inherent synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The fund does not employ leverage or inverse strategies. The risk profile is moderate low (risk level 3-4), consistent with a straightforward bond ETF. The monthly factsheet confirms physical product structure and direct bond holdings with no indication of synthetic replication or complex derivative usage. The fund engages in short-term securities lending, but this is a common practice and does not increase complexity classification. No capital protection or structured features are present. Costs are simple with a TER of 0.20%, no performance fees, and no complex fee structures. Counterparty risk is disclosed as a standard risk related to safekeeping and derivative counterparties but is not significant enough to drive complexity classification. Overall, the fund exhibits a clear, linear relationship to the underlying index and invests directly in liquid, transparent securities, making it non-complex under MiFID II criteria."
}