{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac High Yield Corp Bond ESG UCITS",
    "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 MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond Index. The fund uses physical replication with a sampled methodology, investing directly in a diversified portfolio of sub-investment grade corporate bonds that meet ESG criteria. The KIID and PRIIPs KID documents confirm the use of physical securities and only mention the possible use of financial derivative instruments (FDIs) for direct investment purposes or risk management, but not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage or inverse exposure, and the risk indicator is moderate (3 out of 7), consistent with a straightforward bond ETF. The monthly factsheet confirms the physical structure and does not indicate any use of derivatives or swaps as a core element. Costs are simple with no performance fees or swap fees. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or structural. There are no capital protection or structured product features. The underlying assets are corporate bonds, which are complex in credit risk but standard fixed income instruments, not contingent convertibles or structured bonds. Overall, the fund's structure and documentation indicate a non-complex ETF under MiFID II criteria."
}