{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac High Yield Corp Bond ESG UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF investing primarily in Euro-denominated sub-investment grade corporate bonds that meet ESG/SRI criteria. The investment objective is to track the Bloomberg Barclays MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond Index using physical replication with a sampled methodology. The KIID and PRIIPs KID documents confirm the use of physical bonds rather than synthetic replication or swap-based structures. The fund uses FDIs only for currency hedging (FX forwards), not for investment exposure, so derivative use is for risk management and not inherent to the strategy. There is no leverage, inverse or amplified exposure. The risk indicator is moderate (3 out of 7 in PRIIPs, 4 in KIID), consistent with bond credit and liquidity risk but not complexity. The factsheet confirms no use of swaps or synthetic replication, and the portfolio holds 355 fixed income securities with no mention of complex structured products or contingent convertible bonds. Costs are straightforward with no performance fees or swap fees. Counterparty risk is disclosed only in relation to safekeeping and currency hedging counterparties, typical for UCITS ETFs. There are no capital protection or structured features. Overall, the fund exhibits a straightforward, physical bond index tracking strategy with minimal derivative use limited to FX hedging, no leverage, and no complex underlying assets. Therefore, under MiFID II criteria, it is classified as non-complex."
}