{
    "fund_name": "iShares US Aggregate Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with direct investment in government, government-related, corporate, and securitised bonds. While it uses derivatives (including FX forward contracts for currency hedging and FDIs for direct investment), these are standard practices in bond ETFs and do not significantly alter the risk profile. The fund's risk indicator is rated 4, which is moderate, and the underlying assets are investment-grade bonds. The use of derivatives is for efficient portfolio management and hedging, not for leverage or complex strategies. The PRIIPs KID does not contain a comprehension warning, and the fact sheet confirms the fund's physical replication methodology. The overall structure is transparent and suitable for retail investors.",
    "confidence": 90
}