{
    "fund_name": "iShares $ Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Securities lending activities",
        "Potential counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication to track the Markit iBoxx USD Liquid Investment Grade Index, which consists of liquid, investment-grade corporate bonds. While it does use derivatives for currency hedging (FX forward contracts) and securities lending, these activities are standard practices in bond ETFs and do not significantly alter the fund's risk profile. The derivatives are used for efficient portfolio management rather than for speculative purposes. The fund's risk profile is rated as medium (level 5 on the risk scale), which is typical for corporate bond ETFs. The underlying index is straightforward, and the fund's strategy is transparent. The use of derivatives is limited to hedging and does not involve leverage or inverse exposure. The fund's prospectus and KIID provide clear disclosures about the risks associated with derivatives and securities lending. Therefore, despite the use of derivatives, the ETF is classified as non-complex under MiFID II."
}