{
    "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 KIID and PRIIPs KID documents confirm the use of physical replication with sampled methodology and no mention of synthetic replication or swap agreements. The Fund may use financial derivative instruments (FDIs) only for direct investment purposes or risk management, but this is limited and not inherent to the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with the underlying asset class risk rather than complexity. The Fund is UCITS compliant, with no capital protection or structured features. Costs are straightforward with a 0.50% ongoing charge and no performance fees or swap fees. The monthly factsheet confirms physical holdings, no synthetic structures, and no leverage. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or structural. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and does not use complex instruments or leverage, leading to a non-complex classification under MiFID II."
}