{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "investment_objective": "To track the Markit iBoxx USD Liquid High Yield Capped Index, investing primarily in US dollar-denominated sub-investment grade corporate bonds.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Developed markets, primarily US Dollar high yield corporate bond market",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically invests in a diversified portfolio of liquid, sub-investment grade US dollar corporate bonds that make up the benchmark index. The fund uses sampling techniques and may use financial derivative instruments (FDIs) only for direct investment purposes, but there is no indication that derivatives are used as an inherent part of the replication strategy or for leverage. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal safekeeping and operational risks. The risk profile is moderate (risk level 3-4), consistent with bond market risk rather than complexity. The fund does not employ leverage, inverse or amplified exposure. Costs are straightforward with a 0.50% ongoing charge and no performance fees or swap fees. The PRIIPs KID confirms no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings in a large number of bonds (1,249 holdings), no use of synthetic replication, and no leverage. The fund is UCITS compliant and uses a straightforward index-tracking approach with direct bond investments. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}