{
    "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 swaps. Although the fund may use financial derivative instruments (FDIs), these are only for direct investment purposes and currency hedging (FX forwards), not as an inherent part of the investment strategy, so derivative use is not considered complex here. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk level 3-4 in PRIIPs and 4 in KIID), consistent with direct bond exposure and credit risk, but not indicative of complexity. The fund engages in securities lending, but this is a common practice and does not add complexity. No capital protection or structured features are present. The underlying assets are corporate bonds, including sub-investment grade bonds, which are standard fixed income instruments, not contingent convertibles or other complex structured products. The fund does not use swaps or total return swaps, and there is no mention of counterparty risk beyond normal custodial and derivative counterparty risk disclosures typical for UCITS ETFs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no leverage, and no synthetic swap usage. Therefore, the fund is classified as non-complex under MiFID II criteria."
}