{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core Global Aggregate Bond UCITS ETF (NZD Hedged Accumulating) aims to track the Bloomberg Global Aggregate Bond Index, a broad, global investment-grade bond index. The fund uses physical replication with a sampled methodology, investing directly in fixed income securities such as government, government-related, corporate, and securitized bonds. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for currency hedging purposes (e.g., FX forward contracts) and possibly for optimising tracking, but not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is low (3 out of 7 in KIID, 2 out of 7 in PRIIPs KID), consistent with a straightforward bond index tracking fund. Costs are simple, with a TER of 0.15%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, a large diversified portfolio of over 17,000 holdings, and no indication of synthetic or leveraged structures. The fund engages in securities lending, but this is disclosed and revenue sharing is transparent. No capital protection or structured features are present. Overall, the fund exhibits none of the complexity indicators under MiFID II, and the use of derivatives is limited to risk management (currency hedging), which does not trigger complexity classification. Therefore, the fund is classified as non-complex."
}