{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Broad \u20ac High Yield Corp Bond UCITS ETF aims to track the ICE BofAML Euro High Yield Constrained Index by investing primarily in the underlying fixed income securities (sub-investment grade corporate bonds) that compose the index. The fund uses an optimised physical replication method, directly purchasing bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments (FDIs) only for currency hedging purposes (FX forwards) and not as an inherent part of the investment strategy, thus derivatives are used for risk management rather than exposure. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. The fund is unleveraged, with no leverage ratio above 1:1, no inverse or leveraged exposure, and no capital protection or structured features. The underlying assets are straightforward fixed income securities, albeit sub-investment grade, with no complex structured products or contingent convertible bonds. The risk profile is moderate (risk level 4 in KIID, risk level 2 in PRIIPs KID), consistent with credit and liquidity risks typical of high yield bonds, but not indicative of complexity under MiFID II. Costs are simple, with a TER of 0.22%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical replication, no synthetic or swap usage, and a large diversified portfolio of bonds. There is no PRIIPs comprehension warning or complexity flag. Therefore, the fund does not meet MiFID II criteria for classification as a complex financial instrument."
}