{
    "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. While it mentions the potential use of derivatives for efficient portfolio management (EPM), this is a standard practice and does not inherently make the fund complex under MiFID II. The fund invests primarily in below-investment-grade corporate bonds, which are illiquid but not structurally complex. The risk profile (category 4) is typical for high-yield bond funds and does not indicate complexity. The absence of swaps, leverage, or capital protection mechanisms further supports the non-complex classification. The fund's ESG integration and sustainability focus do not introduce structural complexity.",
    "confidence": 90
}