{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "investment_objective": "To track the Markit iBoxx USD Liquid High Yield Capped Index, providing exposure to liquid US dollar-denominated sub-investment grade corporate bonds.",
    "primary_asset_class": "Fixed Income (High Yield Corporate Bonds)",
    "geographic_focus": "Developed markets, primarily US Dollar 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 liquid, sub-investment grade US dollar corporate bonds, aiming to replicate the Markit iBoxx USD Liquid High Yield Capped Index. The fund uses sampling techniques and may use financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent part of the strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified return strategies. The risk profile is moderate (risk level 3-4 out of 7), consistent with the underlying high yield bond market risk, but not indicative of complexity. The fund is UCITS compliant, with a straightforward index-tracking objective and direct investment in liquid, transparent securities. Costs are simple with a single ongoing charge (TER) of 0.50%, no performance fees, and no complex fee structures. Counterparty risk is disclosed as a standard risk related to safekeeping and derivative counterparties but is not significant enough to drive complexity classification. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund\u2019s structure, replication, and risk disclosures align with a non-complex classification under MiFID II."
}