{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Use of derivatives for optimization and securities lending; no embedded derivatives or synthetic replication",
    "classification": "non-complex",
    "supporting_data": "The iShares Global Corp Bond UCITS ETF is a UCITS-compliant ETF that aims to replicate the Bloomberg Barclays Global Aggregate Corporate Bond Index through physical replication techniques, including optimization. It invests primarily in fixed income securities that are investment grade and does not rely on synthetic replication or total return swaps. The Fund uses financial derivative instruments (FDIs) only for direct investment purposes and optimization, not as an inherent element of the investment strategy, which aligns with efficient portfolio management (EPM) use. Securities lending is employed as a secondary feature to generate additional income but is well-managed under UCITS rules with collateral requirements. There is no indication of leverage beyond UCITS limits or embedded derivatives such as convertible bonds or structured products. The risk profile reflects market and credit risk typical of corporate bond funds, without structural complexity. According to MiFID II Article 25(4)(a)(iv) and Article 57 criteria, UCITS ETFs that use physical replication and limited derivative use for EPM with transparent, understandable risks are classified as non-complex. The ETFu2019s structure, replication method, and risk disclosures support this classification. Therefore, despite the use of some derivatives and securities lending, the ETF does not meet the criteria for complexity under MiFID II and ESMA guidelines, and no appropriateness assessment is required for non-advised retail sales."
}