{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "High Yield Bonds",
            "Currency Hedging (FX Forward Contracts)"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global High Yield Corp Bond UCITS ETF aims to track the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index. The fund primarily uses physical replication, holding the fixed income securities that make up the index. While it uses financial derivative instruments (FDIs) for currency hedging purposes (FX forward contracts), this is stated as being for efficient portfolio management to mitigate currency risk. The underlying assets are corporate high yield bonds, which carry inherent credit risk. However, the MiFID II framework generally considers UCITS ETFs that use physical replication and derivatives for EPM as non-complex, provided the derivative usage does not fundamentally alter the risk/return profile or introduce significant opacity. The KID explicitly mentions that the hedging strategy may not completely eliminate currency risk and may affect performance, which is a standard risk disclosure for currency-hedged funds and does not inherently render it complex. The presence of high yield bonds implies higher credit risk, which is a risk factor, but not necessarily a structural complexity in the context of MiFID II complexity classification for instruments. The fund also engages in securities lending, which is a common practice for UCITS ETFs to generate additional income and is done within UCITS rules, generally not leading to a complex classification unless it significantly increases risk or opacity. The KIID states the fund is rated four on the KID risk scale (out of seven), indicating a higher risk but not necessarily complexity. The structure and investment objective are straightforward: to track a high yield bond index. Therefore, despite the underlying assets being high yield bonds and the use of FX forwards for hedging, the ETF's structure and objective are understandable to a retail investor with basic financial knowledge, and it adheres to the UCITS framework, leading to a non-complex classification."
    }
}