{
    "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 fund is a UCITS ETF investing primarily in fixed income securities (high yield corporate bonds) aiming to track the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index. The KIID and PRIIPs KID documents confirm the fund uses physical replication with sampled securities rather than synthetic replication. While the fund may use financial derivative instruments (FDIs) for direct investment purposes or risk management, there is no indication that derivatives or swaps are an inherent part of the investment strategy or used for leverage. The monthly factsheet explicitly states the product structure is physical. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID is 5 (medium-high risk) reflecting credit and liquidity risks inherent in high yield bonds, but not complexity from derivatives or leverage. No capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but no significant counterparty exposure is evident. The fund invests directly in a diversified portfolio of liquid high yield bonds, with no contingent convertible bonds or complex structured products mentioned. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s strategy and structure align with a non-complex classification under MiFID II despite the inherent credit risk of high yield bonds."
}