{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Xtrackers USD Corporate Bond UCITS ETF is a UCITS-compliant ETF that physically replicates the Bloomberg USD Liquid Investment Grade Corporate Index by direct purchase of underlying investment grade corporate bonds. The fund is passively managed with a straightforward index-tracking objective. The KIID and PRIIPs KID documents confirm that derivatives may be used only for risk management purposes, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The factsheet explicitly states the portfolio methodology as 'Direct Replication (physically)' and does not indicate any use of funded or unfunded swaps. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is moderate-low (risk level 3 out of 7 in PRIIPs KID, and 5 in MiFID KIID but consistent with bond market risk), reflecting typical credit and interest rate risks of investment grade bonds. Costs are simple, with a low ongoing charge and no performance fees or swap fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a liquid, transparent, investment grade corporate bond index with over 3,000 constituents, minimizing complexity. No complexity flags such as capital protection, structured features, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}