{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for currency hedging",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Core Global Aggregate Bond UCITS ETF uses physical replication with derivatives only for currency hedging and efficient portfolio management (EPM). The fund tracks a well-established global aggregate bond index with investment-grade securities. While derivatives are mentioned for hedging purposes, they are not used for leverage or complex strategies. The fund's risk profile (rated 4) is consistent with its underlying assets, and the KIID does not indicate any complex structures or strategies that would make it unsuitable for retail investors. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 90,
    "counter_argument": "Some may argue that the use of derivatives for hedging introduces complexity, but under MiFID II, derivatives used solely for EPM or hedging do not automatically classify an ETF as complex. The fund's straightforward investment objective, physical replication, and lack of leverage or inverse strategies support the non-complex classification.",
    "risk_level": 4,
    "benchmark_complexity": "low",
    "underlying_assets": "investment-grade bonds",
    "liquidity": "high",
    "transparency": "high"
}