{
    "fund_name": "iShares Core GBP Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core investment strategy, tracking the Markit iBoxx GBP Liquid Corporates Large Cap Index through direct investment in corporate bonds. While it uses derivatives for currency hedging (FX forward contracts) and securities lending, these are standard practices in bond ETFs and do not significantly alter the risk profile. The fund's risk indicator is rated 4 (medium), and there are no indications of leverage, inverse strategies, or complex structured products. The underlying index consists of liquid, investment-grade corporate bonds, and the fund's documentation does not suggest that the derivatives usage creates material complexity beyond typical ETF operations.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives for hedging could introduce complexity, but under MiFID II, such usage is generally considered standard and does not automatically trigger a 'complex' classification unless it materially alters the risk profile or requires specialist knowledge to understand. The fund's transparency, liquidity, and straightforward investment strategy support the non-complex classification.",
    "risk_level": "medium"
}