{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Xtrackers II Rolling Target Maturity Sept 2027 EUR High Yield UCITS ETF",
    "investment_objective": "To replicate the performance of the iBoxx EUR Liquid High Yield 2027 3-Year Rolling Index, which tracks liquid, fixed and floating rate, sub-investment grade, high yield EUR denominated corporate bonds with maturities between 1 and 3 years, rolling every 3 years.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Eurozone and non-Eurozone issuers, EUR denominated",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the underlying index by directly purchasing a portfolio of bonds and treasury bills as per the index constituents. The fund uses derivatives only for risk management purposes, not as an inherent part of the investment strategy, and no synthetic replication or swap agreements are mentioned. There is no leverage or inverse exposure. The underlying assets are sub-investment grade high yield corporate bonds and short-term treasury bills, which are liquid and transparent. The fund is UCITS compliant, with a straightforward index-tracking objective and a low to medium risk profile (risk level 4 in KIID, 2 in PRIIPs KID). No capital protection or structured features are present. Counterparty risk is disclosed only in relation to derivative use for risk management, not as a core strategy element. Costs are simple, with no performance fees or swap fees. The rolling maturity structure of the index is a feature but does not add complexity under MiFID II as it is rule-based and transparent. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms direct physical replication and no use of funded or unfunded swaps. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}