{
    "fund_name": "iShares EUR High Yield Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "High Yield Bonds",
        "Credit Risk",
        "Liquidity Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily invests in physical high-yield corporate bonds and uses derivatives only for efficient portfolio management (EPM) and not for leverage or synthetic replication. The fund's risk profile is driven by credit and liquidity risks inherent to high-yield bonds, but these are clearly disclosed and understandable. The absence of leverage, inverse strategies, or synthetic replication supports a non-complex classification.",
    "confidence": 90,
    "risk_level": "medium",
    "additional_notes": "While the fund holds complex assets (high-yield bonds), the structure and strategy are straightforward and transparent. The use of derivatives is limited to EPM, which does not introduce additional complexity under MiFID II. The fund's risk profile is clearly communicated, and the liquidity of the underlying assets is sufficient for retail investors."
}