{
    "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, UCITS-compliant fund that invests directly in USD-denominated high-yield corporate bonds. It uses derivatives solely for efficient portfolio management and currency hedging, not for leverage or synthetic replication. The fund has a straightforward investment objective aligned with the Paris Agreement climate targets and tracks a transparent benchmark (Solactive USD Corporate HY PAB Index). The risk profile is moderate (risk class 4), and there are no indications of complex structures, capital protection mechanisms, or illiquid assets. The fund's documentation does not mention any use of swaps, leverage, or inverse strategies, and the derivatives used are limited to EPM (Efficient Portfolio Management) purposes, which do not trigger complexity under MiFID II.",
    "confidence": 95
}