{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR Bloomberg Euro High Yield Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that tracks the Bloomberg Liquidity Screened Euro High Yield Bond Index using a stratified sampling physical replication method. The KIID and PRIIPs KID documents confirm that the Fund primarily invests directly in Euro-denominated high yield corporate bonds with maturities between 1 and 15 years. The Fund may use financial derivatives only for efficient portfolio management (e.g., to manage tracking error), but this is described as limited and not an inherent part of the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (category 3-4 in KIID, 3 in PRIIPs KID), consistent with direct bond investment risk rather than complexity. The factsheet confirms stratified sampling physical replication, no synthetic or swap-based replication, and no leverage. Costs are straightforward with a TER of 0.40%, no performance fees, and no complex fee structures. There are no capital protection or structured product features. The underlying assets are corporate bonds, not contingent convertible bonds or other complex structured products. No complexity flags such as capital guarantees, knock-in/out barriers, or contingent return formulas are present. The PRIIPs KID does not carry any comprehension warnings. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}