{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "supporting_data": "The iShares Core GBP Corp Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, liquid, investment-grade corporate bond index. It uses derivatives only for efficient portfolio management (EPM), not as a core part of its investment strategy. The ETF does not use leverage, swaps, or inverse strategies, and there is no evidence of embedded derivatives, contingent convertible bonds, or complex indices. The structure, risks, and objectives are straightforward and disclosed in the KID, making it easily understandable for retail investors with basic knowledge. All UCITS are automatically non-complex under MiFID II unless they are structured UCITS or use derivatives as a central part of their strategy, which is not the case here[1][2]. The ETFu2019s use of derivatives for EPM is limited and does not introduce material counterparty or collateral risk that would make the product complex for retail investors. Securities lending is present but is a secondary, well-managed feature within UCITS rules and does not dominate the risk profile. The index tracked is transparent and the ETFu2019s risk profile reflects standard market and credit risks, not structural complexity.",
    "classification": "non-complex"
}