{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global High Yield Corp Bond UCITS ETF USD (Dist)",
    "investment_objective": "To track the return of the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index through investment in fixed income securities.",
    "primary_asset_class": "Fixed Income (High Yield Corporate Bonds)",
    "geographic_focus": "Global Developed Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund aims to replicate the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index primarily through direct investment in fixed income securities (high yield corporate bonds) as stated in the KIID and PRIIPs KID. The Fund uses 'optimising techniques' which may include strategic selection of securities and limited use of financial derivative instruments (FDIs) for direct investment purposes, but these are not inherent to the strategy and are used to enhance tracking, not to create leverage or synthetic exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures in any document. The monthly factsheet confirms the product structure as 'Physical' and shows direct holdings in a large number of bonds (1,838 holdings), with no indication of derivative or swap usage as a core part of the strategy. The risk profile in the KIID rates the fund at level 5 due to credit and liquidity risks inherent in high yield bonds, but this is typical for such asset classes and does not imply complexity under MiFID II. The PRIIPs KID risk indicator is 3 out of 7, indicating medium-low risk, and there is no comprehension warning or complexity flag. Costs are straightforward with a 0.50% ongoing charge and no performance fees. No leverage or inverse exposure is present. Counterparty risk is disclosed as a standard risk related to safekeeping and derivative counterparties but is not significant or structural. The fund does not have capital protection or structured features. Overall, the ETF is a UCITS-compliant, physically replicated, passively managed bond ETF with minimal derivative use for risk management, no leverage, and no synthetic replication, leading to a non-complex classification under MiFID II."
}