{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Fallen Angels High Yield Corp Bond USD (Acc) UCITS ETF aims to track the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index by investing primarily in fixed income securities (sub-investment grade corporate bonds) directly. The KIID and PRIIPs KID documents confirm the Fund uses physical replication with optimising techniques, including representative sampling and possibly limited use of derivatives for investment purposes, but not as an inherent element of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet explicitly states the product structure is physical. The Fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured features. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with the underlying credit risk of high yield bonds, not complexity. Costs are straightforward with no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. No complexity flags such as contingent convertible bonds, complex derivatives, or structured products are present. The Fund invests in liquid, transparent fixed income securities with a clear, linear relationship to the underlying index performance. Therefore, under MiFID II, this ETF is classified as non-complex."
}