{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ High Yield Corp Bond ESG SRI UCITS ETF GBP Hedged (Dist)",
    "investment_objective": "To track the Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index, investing primarily in US dollar denominated sub-investment grade fixed income securities with ESG/SRI criteria.",
    "primary_asset_class": "Fixed Income (High Yield Corporate Bonds)",
    "geographic_focus": "United States (US Dollar denominated bonds)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically investing in a portfolio of fixed income securities that make up the Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index. The Fund uses sampling and optimisation techniques but does not employ synthetic replication or swap agreements. Derivatives are used only for currency hedging (FX forwards), not as an inherent part of the investment strategy, so derivative exposure is minimal and risk management oriented. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 3 in PRIIPs), reflecting credit and liquidity risks typical of high yield bonds, but no complexity flags such as capital protection, contingent bonds, or structured features are present. The Fund's charges are straightforward with no performance fees or swap fees. Counterparty risk is disclosed but limited to custodial and FX hedging counterparties, typical for UCITS ETFs. The monthly factsheet confirms physical holdings with over 1,100 bonds, no synthetic replication, and no leverage. The ESG/SRI screening and index complexity do not elevate the product to complex under MiFID II. No PRIIPs comprehension warnings or complexity flags are present. Overall, the Fund exhibits a clear, linear relationship to underlying bond performance with minimal derivative use for hedging only, physical replication, and no leverage or structured features, supporting a non-complex classification."
}