{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for hedging and efficient portfolio management"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Core Global Aggregate Bond UCITS ETF uses physical replication as its primary method, investing directly in the underlying bonds of the Bloomberg Global Aggregate Bond Index. While it does employ financial derivative instruments (FDIs) for currency hedging and efficient portfolio management, these are used in a limited and transparent manner. The derivatives are not used for leverage or to create complex payoff structures, but rather for operational purposes such as hedging currency risk. The fund has a clear investment objective, a straightforward risk profile (rated 3 out of 7), and invests in liquid, investment-grade bonds. The use of derivatives is disclosed and explained in the KIID, and the overall structure remains simple and understandable for retail investors.",
    "confidence": 90,
    "counter_argument": "Some might argue that any use of derivatives could classify the ETF as complex. However, under MiFID II, derivatives used solely for hedging or efficient portfolio management (EPM) do not automatically render an ETF complex, provided the overall risk profile remains clear and the strategy is transparent. The fund's primary replication method is physical, and the derivatives are ancillary to the main investment strategy.",
    "risk_level": 3
}