{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Global corporate bond exposure with credit risk",
        "Potential counterparty risk from securities lending",
        "Complexity of underlying index (Bloomberg Barclays Global Aggregate Corporate Bond Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Corp Bond UCITS ETF uses physical replication to track the Bloomberg Barclays Global Aggregate Corporate Bond Index, which consists of investment-grade corporate bonds from developed and emerging markets. While the fund mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID explicitly states the product structure is 'Physical'. There is no indication of synthetic replication, leverage, or inverse strategies. The fund's risk profile is rated 4 out of 7, indicating medium risk, primarily due to credit risk, currency risk, and counterparty risk from securities lending. The underlying index is complex due to its global scope and credit risk exposure, but the fund's straightforward physical replication method and lack of derivative-based strategies make it suitable for retail investors under MiFID II. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}