{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G ESG GBP Corporate Bond 0-5 Year UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G ESG GBP Corporate Bond 0-5 Year UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the J.P. Morgan Global Credit Index (GCI) ESG Investment Grade GBP Short-term Custom Maturity Index. The fund primarily uses physical replication via representative sampling of investment grade corporate bonds with maturities between 3 months and 5 years. The KIID and PRIIPs KID documents confirm that the fund may use financial derivative instruments (FDIs) only for efficient portfolio management or to invest in bonds with similar risk and performance characteristics, but derivative use is not an inherent part of the investment strategy, and no synthetic replication or swap structures are mentioned. The fact sheet explicitly states the replication method as 'Physical - optimised'. There is no mention of leverage, inverse exposure, or capital protection features. The risk rating is low to moderate (3 out of 7 in the fact sheet, 2 out of 7 in PRIIPs KID), consistent with a straightforward bond ETF. The fund invests directly in liquid, transparent, investment grade corporate bonds, with no complex underlying assets such as contingent convertible bonds or CLOs. No swap agreements, total return swaps, or counterparty risk disclosures beyond normal derivative counterparty risk are present. Costs are simple, with a low ongoing charge (0.09%) and no performance fees or swap fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The fund excludes sectors like thermal coal, tobacco, and weapons for ESG reasons but this does not add complexity. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, uses physical replication, and has minimal derivative exposure used only for risk management or tracking efficiency. Therefore, under MiFID II, this ETF is classified as non-complex."
}