{
    "fund_name": "iShares Global High Yield Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives for hedging and efficient portfolio management",
        "Currency hedging using FX forward contracts",
        "Potential counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index. While it does use derivatives for currency hedging and efficient portfolio management, these are standard practices in bond ETFs and do not significantly alter the risk profile. The fund's use of derivatives is for hedging and efficient portfolio management rather than for leverage or complex strategies. The underlying index consists of high-yield corporate bonds, which are inherently higher risk but not necessarily complex in structure. The ETF's risk profile is clearly disclosed, and the use of derivatives is transparent and typical for this type of fund. The PRIIPs KID and fact sheet confirm the physical replication method and standard derivative usage for hedging purposes. The fund's complexity factors are within the typical range for bond ETFs, and the overall structure is straightforward and suitable for retail investors.",
    "confidence": 90
}