{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Counterparty Risk",
            "Credit Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global Corp Bond UCITS ETF EUR Hedged (Dist) aims to track the Bloomberg Barclays Global Aggregate Corporate Bond Index. It primarily invests in fixed income securities (bonds) that make up the index, which are described as investment grade with a minimum maturity of one year. The ETF uses optimizing techniques which may include strategic selection of securities and potentially financial derivative instruments (FDIs) for direct investment purposes. However, the text also states that FDIs may be used for currency hedging (FX forward contracts) to reduce the effect of exchange rate fluctuations between the Euro share class currency and the fund's underlying portfolio currencies. The use of derivatives for efficient portfolio management (EPM) and currency hedging is generally considered non-complex, provided it is limited and does not form the core of the investment strategy or introduce significant new risks. The KIID highlights counterparty risk and credit risk as key risks, which are inherent in bond investing and not necessarily indicative of structural complexity that would trigger a 'complex' classification under MiFID II. The ETF's structure is described as passively managed, holding underlying securities, which aligns with a non-complex approach. The information provided in the KID, while detailing various risks, does not suggest the use of derivatives for replication or complex structured products. The mention of currency hedging via FDIs is a common practice for UCITS ETFs to mitigate currency risk for investors and is generally not considered to make an ETF complex on its own, especially when it's for hedging purposes. The CESR guidelines indicate that UCITS are generally presumed non-complex. The document does not mention any embedded derivatives, leverage beyond normal operational limits, or a complex index methodology that would require advanced understanding from a retail investor. Therefore, based on the provided information, the ETF is classified as non-complex."
    }
}