{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers EUR High Yield Corporate Bond SRI PAB UCITS ETF",
    "investment_objective": "To replicate the Bloomberg MSCI Euro High Yield Sustainable and SRI PAB Index, reflecting performance of Euro-denominated high yield fixed-rate corporate bonds with ESG and decarbonisation criteria.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Euro-denominated corporate bonds issued by European and non-European issuers",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the Bloomberg MSCI Euro High Yield Sustainable and SRI PAB Index by directly purchasing a portfolio of bonds. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage or inverse exposure. The underlying assets are non-investment grade corporate bonds, which carry credit risk but are straightforward fixed income instruments without embedded contingent features or complex structured products. The risk profile is moderate (risk category 4 in KIID, 3 in PRIIPs KID), consistent with direct bond exposure. Costs are simple with a TER of 0.25% and no performance fees or swap fees. No capital protection or structured features are present. The index tracked applies ESG and decarbonisation criteria but does not add complexity in terms of derivatives or leverage. The factsheet confirms direct physical replication and no use of swaps. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}