{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "High Yield Bonds",
        "Currency Hedging"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global High Yield Corp Bond UCITS ETF primarily uses physical replication to track its benchmark index, investing directly in high-yield corporate bonds. While it employs financial derivative instruments (FDIs) for currency hedging and potentially for efficient portfolio management, these are not used for leverage or synthetic replication. The fund's risk profile is driven by its exposure to sub-investment-grade bonds rather than complex derivative strategies. The KIID and factsheet indicate that derivatives are used for hedging purposes rather than as a core investment strategy, and there is no mention of leverage, inverse exposure, or complex structured products. The fund's risk level (rated 5) is primarily due to credit and liquidity risks associated with high-yield bonds, not derivative complexity.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives for hedging and the exposure to high-yield bonds could introduce complexity. However, the derivatives are used in a straightforward manner for currency hedging, and high-yield bonds, while risky, are not inherently complex instruments under MiFID II. The fund's physical replication and transparent index-tracking objective support its classification as non-complex.",
    "risk_level": 5
}