{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global High Yield Corp Bond 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 exchange-traded fund that aims to track the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index by investing primarily in fixed income securities (high yield corporate bonds). The fund uses physical replication with a sampled methodology, investing directly in bonds rather than synthetic replication or swap-based structures. While the fund may use financial derivative instruments (FDIs), these are limited to currency hedging (FX forwards) and possibly for efficient portfolio management, not as an inherent part of the investment strategy, so derivative use is not considered a complexity driver here. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured product features. The risk profile is moderate (risk level 3-4 out of 7), consistent with direct investment in sub-investment grade bonds, reflecting credit and liquidity risks typical of high yield bonds but not complexity per se. Costs are straightforward with a single ongoing charge (TER) of 0.55%, no performance fees, and no complex fee structures. The fund engages in securities lending with revenue sharing but this does not increase complexity classification. The PRIIPs KID confirms a medium-low risk classification (3/7), no capital protection, and no leverage. The monthly factsheet confirms physical replication, no synthetic or swap-based replication, and direct bond holdings across a broad diversified portfolio. There are no references to complex underlying assets such as contingent convertible bonds or CLOs. The use of derivatives is limited to currency hedging and risk management, not for return amplification or synthetic exposure. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}