{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Use of FX forwards for currency hedging; exposure to sub-investment grade high yield bonds",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically investing primarily in fixed income securities that compose the Markit iBoxx Global Developed Markets Liquid High Yield Capped (GBP Hedged) Index. The replication method is physical with sampled methodology, not synthetic. The Fund uses FX forward contracts solely for currency hedging purposes, not as an inherent part of the investment strategy, so derivatives are not considered complexity drivers here. There is no mention of swap agreements, total return swaps, or unfunded/funded swap structures. No leverage or inverse exposure is present. The Fund invests in sub-investment grade corporate bonds, which are inherently higher risk but not complex financial instruments per se. The risk indicator is moderate (3 out of 7 in PRIIPs KID, 4 in KIID), consistent with credit risk and liquidity risk typical of high yield bond funds, but not indicative of complexity under MiFID II. Costs are straightforward with a TER of 0.55%, no performance fees, and no complex fee structures. Counterparty risk is disclosed but limited to custodial and FX forward counterparties, typical for UCITS ETFs. The monthly factsheet confirms physical holdings and use of FX forwards only, no swaps or leverage. No capital protection or structured features are present. Overall, the Fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II despite the underlying credit risk of high yield bonds."
}