{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "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 Markit iBoxx USD Liquid High Yield Capped Index, composed of liquid, sub-investment grade US dollar-denominated corporate bonds. The fund uses physical replication with sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. Derivatives are used only for currency hedging (FX forwards), not as an inherent part of the investment strategy, so derivative exposure is minimal and for risk management purposes only. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with the underlying credit risk of high yield bonds but not indicating complexity. No capital protection or structured features are present. The fund engages in securities lending, but this does not increase complexity under MiFID II. The fact sheet confirms physical replication and no use of swaps or synthetic structures. The PRIIPs KID does not contain any comprehension warnings or complexity flags. Overall, the fund\u2019s structure and strategy are straightforward, with direct investment in liquid bonds and minimal derivative use limited to FX hedging. Therefore, it does not meet MiFID II criteria for a complex financial instrument."
}