{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Franklin USD Investment Grade Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Franklin USD Investment Grade Corporate Bond UCITS ETF primarily invests in USD-denominated investment grade corporate bonds, with a focus on fixed and floating rate securities. The fund pursues an actively managed strategy but does not seek to synthetically replicate an index. The KIID and PRIIPs KID explicitly state that derivatives are used only for hedging and efficient portfolio management purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund is UCITS compliant and uses physical holdings of bonds, as confirmed by the factsheet listing 126 holdings of corporate bonds with no indication of synthetic exposure or leverage. The risk profile is moderate-low (risk level 3 out of 7), consistent with a straightforward bond fund. No leverage, inverse or amplified return features are present. Costs are simple with a TER of 0.35%, no performance fees, and no complex fee structures. Counterparty risk is disclosed as a standard risk related to derivatives used for hedging, but no significant counterparty exposure is indicated. There are no capital protection or structured product features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to underlying bond performance, invests directly in liquid, transparent securities, and uses derivatives only for risk management, leading to a non-complex classification under MiFID II."
}