{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "High Yield Bonds, ESG Optimization, Stratified Sampling",
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF is a UCITS-compliant ETF that tracks a fixed-rate, U.S. dollar-denominated high yield corporate bond index with an ESG overlay. The fund uses a stratified sampling physical replication method rather than synthetic replication or swaps. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse exposure, or capital protection features. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with the underlying high yield bond exposure but not indicative of structural complexity. The fund invests directly in liquid, fixed income securities, with no mention of complex structured products or contingent convertible bonds. The factsheet confirms no use of swaps or synthetic replication, and the TER is straightforward at 0.30% with no performance fees or swap fees. The ESG optimization and stratified sampling add some index complexity but do not elevate the fund to MiFID II complex status. No counterparty risk or collateral management risks are highlighted. Overall, the fund exhibits a clear, linear relationship to the underlying index performance and is physically replicated, making it non-complex under MiFID II criteria."
}