{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers USD High Yield Corporate Bond Screened UCITS ETF",
    "investment_objective": "To reflect the performance of the Bloomberg MSCI US High Yield Sustainable and SRI Index while minimizing currency fluctuations at share class level",
    "primary_asset_class": "Bond",
    "geographic_focus": "USD denominated corporate bonds, primarily US and non-US 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 US High Yield Sustainable and SRI Index by directly purchasing a portfolio of USD-denominated high yield corporate bonds that meet ESG criteria. The fund uses derivatives only for currency hedging purposes to reduce exchange rate fluctuations between the fund's assets (USD) and the GBP share class currency. There is no indication of synthetic replication, total return swaps, or unfunded/funded swap structures. No leverage or inverse exposure is present. The underlying assets are non-investment grade corporate bonds, which carry credit and liquidity risk but are straightforward fixed income securities rather than complex structured products. The risk profile is moderate (risk category 4 in KIID, 3 in PRIIPs), consistent with direct bond exposure. Costs are simple with a single ongoing charge of 0.30% and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of swaps for index replication. Therefore, under MiFID II criteria, the fund is classified as non-complex because it uses physical replication, has no leverage or synthetic structures, and invests in transparent, liquid fixed income securities. The use of derivatives is limited to currency hedging and risk management, not as an inherent part of the investment strategy."
}