{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Fallen Angels High Yield Corp Bond GBP Hedged (Dist) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index. It invests primarily in sub-investment grade corporate bonds (fallen angels) with a physical replication approach using sampled securities. The fund uses financial derivative instruments (FDIs) only for currency hedging purposes (e.g., FX forwards) and possibly for short-term secured lending, but derivatives are not used as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3-4 out of 7), consistent with the underlying credit risk of high yield bonds, 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. The monthly factsheet confirms physical replication and no use of swaps or leverage. There are no capital protection or structured features. The complexity is low, driven mainly by the credit risk of sub-investment grade bonds, which is transparent and understandable to investors familiar with bond markets. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the ETF is classified as non-complex under MiFID II."
}