{
    "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 USD-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 structures, contingent bonds, or sophisticated strategies. The KIID and factsheet do not mention swap agreements, unfunded swaps, or other complexity triggers. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 95
}