{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Non-investment grade bonds"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is passively managed and aims to reflect the performance of the Markit iBoxx EUR Corporates Yield Plus index. The index tracks higher-yielding tradable debt (bonds) denominated in Euro, issued by companies with ratings between BB- and AAA. The fund uses physical replication by buying a portfolio of securities that comprise the index constituents. The prospectus explicitly states that the fund may use derivatives for efficient portfolio management (EPM) to manage risk, reduce costs, and improve results, but the core replication is physical. However, the document also states the fund invests in non-investment grade bonds, which generally carry a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. The risk and reward profile is classified as category 4 out of 7, indicating a relatively high likelihood of both losses and gains. While the document mentions the potential use of derivatives for EPM, it does not indicate they are integral to the investment strategy or that they introduce counterparty or collateral risks that would make the ETF inherently complex. The index itself is rules-based, and the underlying assets are traditional bonds. The ETF's structure and underlying assets are generally understandable to a retail investor with basic financial knowledge, despite the inherent risks of the bond market. The ESMA guidance on complex instruments (CESR/09-295) indicates that bonds are generally non-complex unless they embed a derivative. While the fund invests in non-investment grade bonds, this typically relates to market risk rather than structural complexity that would impede understanding for a retail investor, as per the MiFID II framework. The prospectus does not mention embedded derivatives in the bonds or any other features that would automatically classify it as complex. Therefore, based on the available information and MiFID II guidelines, the ETF is classified as non-complex."
    }
}