{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management, securities lending, optimised physical replication",
    "classification": "non-complex",
    "supporting_data": "The iShares Global Corp Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, market-cap-weighted index of global investment-grade corporate bonds. It uses derivatives only for efficient portfolio management (EPM), not as a core part of its investment strategy, and engages in securities lending to offset costs. The structure, risks (credit, interest rate, currency, liquidity), and replication method are straightforward and well-disclosed. There is no significant leverage, no use of swaps or synthetic replication, and no embedded complex features (e.g., contingent convertibles, capital protection, or opaque indices). The ETFu2019s risk profile is driven by market and credit risks inherent in its bond holdings, not by structural complexity. Under MiFID II, UCITS ETFs are generally presumed non-complex unless they employ complex strategies or structures that make the product difficult for retail investors to understandu2014which is not the case here, as derivative use is limited to EPM and the productu2019s characteristics are transparent and standard for the asset class[1]. The presence of securities lending and limited derivative use for EPM does not, in this context, override the UCITS presumption of non-complexity, provided these features are secondary, well-managed, and do not introduce material counterparty or structural opacity[1]. The ETFu2019s documentation clearly describes these features and associated risks, supporting the view that a retail investor with basic knowledge can understand how the ETF works and what risks are involved."
}