{
    "fund_name": "iShares Global Corp Bond UCITS ETF EUR Hedged (Dist)",
    "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 global corporate bond index with 14,113 holdings"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication for its core strategy, tracking the Bloomberg Barclays Global Aggregate Corporate Bond 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 appear to be for risk management and cost reduction rather than as a core investment strategy. The KIID and PRIIPs documents indicate the fund is designed for medium to long-term investors and has a risk rating of 4 (moderate risk). The use of derivatives is disclosed transparently, and the fund's structure remains straightforward with no leverage, inverse exposure, or capital protection features. The underlying index, while broad, consists of investment-grade corporate bonds, which are generally considered transparent and liquid. The PRIIPs document does not contain a comprehension warning, further supporting the non-complex classification. The fund's UCITS compliance and the absence of significant tracking error or counterparty risk beyond standard disclosures align with a non-complex assessment.",
    "confidence": 85
}