{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated, actively managed high-yield bond fund with no leverage, inverse exposure, or synthetic replication. It primarily invests in EUR-denominated below-investment-grade corporate debt securities. While it may use derivatives for efficient portfolio management (EPM), this is a standard practice and does not introduce complexity. The fund's risk profile (category 4) is typical for high-yield bond funds, and there are no indications of complex underlying assets or structured features. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "risk_level": 4,
    "benchmark_complexity": "The benchmark (ICE BofA Euro Developed Markets High Yield Constrained Index) is a standard high-yield bond index, not inherently complex.",
    "counterparty_risk": "No significant counterparty risk is indicated, as the fund uses physical replication and any derivative use is limited to EPM.",
    "liquidity_risk": "The fund invests in below-investment-grade bonds, which may have lower liquidity, but this is typical for the asset class and does not inherently make the fund complex under MiFID II."
}