{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Fallen Angels High Yield Corp Bond USD (Dist) UCITS ETF aims to track the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index by investing primarily in fixed income securities (sub-investment grade corporate bonds) that make up the index. The fund uses physical replication with optimising techniques, including strategic selection of securities and may use financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent element of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (risk level 4 out of 7 in KIID, 3 out of 7 in PRIIPs KID), consistent with direct investment in sub-investment grade bonds, without complex structured features or capital protection mechanisms. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with a TER of 0.50%, no performance fees, and some securities lending revenue sharing. No complexity flags such as contingent convertible bonds, leverage, or structured products are present. The fund is UCITS compliant and regulated by the Central Bank of Ireland. Overall, the fund\u2019s structure, replication method, and risk disclosures indicate a non-complex classification under MiFID II."
}