{
    "fund_name": "iShares Global Aggregate Bond ESG SRI UCITS ETF GBP Hedged (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives (FX forward contracts)",
        "Potential counterparty risk from derivative usage",
        "Complex ESG screening methodology in the index"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication for its core investment strategy, tracking the Bloomberg MSCI Global Aggregate Sustainable and Green Bond SRI Index. While it does use derivatives for currency hedging (FX forward contracts) and may employ financial derivative instruments (FDIs) for efficient portfolio management, these uses are standard for bond ETFs and do not appear to be for leverage or complex strategies. The fact sheet confirms the product structure is 'physical', and the derivatives usage is for hedging and efficient portfolio management rather than as an inherent element of the strategy. The ESG screening methodology, while complex, does not inherently make the ETF complex under MiFID II as the underlying assets are investment-grade bonds. The risk profile is rated 4 out of 7, which is moderate and typical for bond ETFs. The use of derivatives is disclosed transparently, and the fund's structure is straightforward for retail investors to understand.",
    "confidence": 85
}