{
    "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 FX forward contracts",
        "Securities lending activities",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication for its core investment strategy, tracking the Bloomberg Global Aggregate Bond Index through direct investment in global investment-grade bonds. While it does use derivatives for currency hedging (FX forward contracts) and securities lending, these activities are common in bond ETFs and do not significantly alter the fund's risk profile. The use of derivatives is for efficient portfolio management rather than as an inherent element of the strategy. The fund's risk profile is clearly communicated as 'lower risk' with a focus on investment-grade bonds, and the underlying assets are liquid and transparent. The PRIIPs KID and fact sheet confirm the physical replication method and straightforward investment approach. While there is some counterparty risk from derivatives, it is not at a level that would typically trigger a 'complex' classification under MiFID II. The fund's complexity factors are minimal and easily understandable for retail investors."
}