{
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "Derivatives for currency hedging, securities lending, optimised physical replication",
    "classification": "non-complex",
    "supporting_data": "The iShares $ Corp Bond ESG UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, investment-grade corporate bond index. While it uses derivatives (FX forwards) for currency hedging and may engage in securities lending, these uses are ancillary (for efficient portfolio management and cost reduction, not central to the investment objective). The ETF does not use leverage beyond UCITS limits, does not employ synthetic replication or swaps, and does not hold complex bonds (e.g., contingent convertibles, asset-backed securities, or structured products). The risks disclosed (credit, interest rate, liquidity, counterparty) are standard for fixed income ETFs and do not introduce structural complexity that would be difficult for a retail investor with basic knowledge to understand. The UCITS presumption of non-complexity applies, as there are no features that would override this under MiFID II Article 25(4) or Delegated Regulation Article 57[1]. The use of derivatives is limited and well-disclosed, and the structure, risks, and replication method are transparent and straightforward."
}