{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Broad $ High Yield Corp Bond",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the ICE BofAML US High Yield Constrained Index. It primarily invests directly in US dollar-denominated, fixed rate, sub-investment grade corporate bonds, with approximately 1,897 holdings, indicating broad diversification. The fund uses physical replication with an optimised approach, investing directly in underlying securities rather than synthetic replication or swaps. Derivatives are used only for currency hedging (FX forwards) and possibly for short-term secured lending to offset costs, not as an inherent part of the investment strategy. There is no leverage, inverse exposure, or capital protection features. The risk indicator is moderate (level 3-4), consistent with the credit risk of high yield bonds but not indicative of complexity. The fund's ongoing charges are low (0.22%), with no performance fees or complex fee structures. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings and no use of swaps or synthetic structures. Overall, the fund exhibits a straightforward, linear exposure to a transparent fixed income index with minimal derivative use limited to risk management, thus classifying it as non-complex under MiFID II."
}