{
    "fund_name": "iShares Core Global Aggregate Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the Bloomberg Barclays Global Aggregate Bond Index, which is composed of global investment-grade bonds. While it does use financial derivative instruments (FDIs) for currency hedging and potentially for direct investment purposes, these are standard practices in bond ETFs and do not introduce significant complexity. The ETF's risk profile is rated as 'lower risk' and the underlying assets are transparent and liquid. The use of derivatives is for efficient portfolio management and hedging, not for leverage or inverse exposure. The ETF is UCITS-compliant, which typically indicates a lower level of complexity. The main complexity factors are the use of derivatives for hedging and the potential counterparty risk associated with these derivatives, but these are not sufficient to classify the ETF as complex under MiFID II.",
    "confidence": 85
}