{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac High Yield Corp Bond UCITS ETF",
    "investment_objective": "To track the return of the Markit iBoxx Euro Liquid High Yield Index through a combination of capital growth and income by investing primarily in Euro denominated sub-investment grade corporate bonds.",
    "primary_asset_class": "Fixed Income (High Yield Corporate Bonds)",
    "geographic_focus": "Eurozone and non-Eurozone issuers with Euro denominated bonds",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically investing in a diversified portfolio of Euro denominated high yield corporate bonds. The fund uses a sampling methodology to replicate the Markit iBoxx Euro Liquid High Yield Index, investing directly in underlying bonds rather than synthetic replication or swap agreements. The KIID and PRIIPs documents confirm the use of financial derivative instruments only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no leverage, inverse or amplified exposure mentioned. The risk profile is moderate (4 out of 7 in KIID, 3 out of 7 in PRIIPs), consistent with a high yield bond fund but not indicative of complexity under MiFID II. The fund engages in securities lending to offset costs, but this is standard and does not add complexity. No capital protection or structured features are present. Counterparty risk disclosures relate mainly to custody and FX hedging counterparties, typical for UCITS bond ETFs. The monthly factsheet confirms physical bond holdings with no mention of swap usage or synthetic replication. The index tracked is a liquid, transparent high yield bond index without complex embedded derivatives or contingent bonds. Overall, the fund\u2019s structure and strategy are straightforward, with no synthetic replication, leverage, or complex underlying assets, leading to a non-complex classification under MiFID II."
}