{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Fallen Angels High Yield Corp Bond EUR Hedged (Dist) Share Class",
    "primary_asset_class": "bond",
    "geographic_focus": "developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": 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) from developed markets. 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 risk management oriented. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3-4), consistent with high yield bond risk but not elevated by structural complexity. The fund engages in securities lending, but this does not increase complexity under MiFID II. No capital protection or structured features are present. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings, no swap usage, and a straightforward bond portfolio with 191 holdings diversified across sectors and issuers. Overall, the fund\u2019s structure and strategy are transparent and linear, with no complex derivatives, leverage, or contingent bonds. Therefore, it is classified as non-complex under MiFID II."
}