{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac High Yield Corp Bond UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx Euro Liquid High Yield Index, composed of Euro denominated sub-investment grade corporate bonds.",
    "primary_asset_class": "Fixed Income (High Yield Corporate Bonds)",
    "geographic_focus": "Eurozone and non-Eurozone issuers with Euro denominated bonds",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically invests in a diversified portfolio of Euro denominated sub-investment grade corporate bonds, aiming to replicate the Markit iBoxx Euro Liquid High Yield Index. The fund uses sampling (optimising techniques) rather than full replication, but this is common and not inherently complex. The use of financial derivative instruments (FDIs) is limited to currency hedging (FX forwards) and possibly minor direct investment purposes, not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or unfunded/funded swap structures. The fund is UCITS compliant, with a straightforward fixed income index tracking objective. The risk indicator is moderate (4 out of 7 in KIID, 3 out of 7 in PRIIPs), reflecting credit and liquidity risks typical of high yield bond funds, but no complexity flags such as leverage, inverse exposure, capital protection, or contingent bonds are present. Costs are standard with no performance fees or swap fees. The monthly factsheet confirms physical bond holdings, no synthetic replication, and no leverage. The fund engages in securities lending, but this does not increase complexity under MiFID II. There are no capital protection or structured product features. Overall, the fund\u2019s structure and strategy are transparent and linear, with no significant counterparty risk beyond normal custody and FX hedging counterparties. Therefore, the ETF is classified as non-complex under MiFID II."
}