{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "Sub-investment grade bonds, currency hedging with FX forwards",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the Markit iBoxx USD Liquid High Yield Capped Index, composed of liquid, sub-investment grade US dollar corporate bonds. The fund uses physical replication with sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of financial derivative instruments only for currency hedging purposes (FX forward contracts), not as an inherent part of the investment strategy, so derivatives are not considered complexity drivers here. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with the credit risk of high yield bonds but not indicative of structural complexity. The fund engages in securities lending to offset costs, but this does not add complexity under MiFID II. No capital protection or structured features are present. The underlying assets are liquid bonds, not complex structured products or contingent convertible bonds. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The currency hedging via FX forwards is standard and does not trigger complexity classification. Overall, the fund\u2019s structure and strategy are straightforward and transparent, with no synthetic replication, leverage, or complex underlying assets, leading to a non-complex classification under MiFID II."
}