{
    "fund_name": "iShares GBP Corp Bond 0-5yr UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and primarily invests in liquid, investment-grade corporate bonds. While it mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the context suggests these are used for efficient portfolio management rather than as a core strategy. The risk profile is straightforward, with a risk rating of 3 out of 7, and the underlying assets are transparent and liquid. The ETF does not exhibit leverage, inverse exposure, or complex structured features. The KIID and factsheet do not indicate any synthetic replication, unfunded swaps, or capital protection mechanisms that would trigger complexity under MiFID II.",
    "confidence": 95,
    "risk_level": "medium",
    "counterparty_risk": "mentioned but not a primary driver of complexity",
    "benchmark_complexity": "low (standard corporate bond index)",
    "liquidity_risk": "low (investment-grade bonds with sufficient market depth)",
    "additional_notes": "The ETF is UCITS-compliant and follows a clear, linear investment strategy. The use of derivatives is limited and appears to be for risk management rather than as a core or complex strategy. The absence of leverage, inverse exposure, or structured products further supports the non-complex classification."
}