{
    "complex": false,
    "classification": "non-complex",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "supporting_data": "The iShares Global High Yield Corp Bond UCITS ETF is a physically replicated fund that primarily invests in high-yield corporate bonds from developed markets. The KIID and factsheet indicate that while the fund may use financial derivative instruments (FDIs) for direct investment purposes, these are not used for leverage or synthetic replication. The fund's primary strategy is to invest in the fixed income securities that make up its benchmark index, the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index. The use of derivatives appears to be limited and likely for efficient portfolio management (EPM) rather than as a core part of the investment strategy. The fund does not exhibit characteristics of complexity such as leverage, inverse exposure, or synthetic replication. The risk profile is rated five, which is typical for high-yield bond funds due to credit and interest rate risks, but this does not inherently indicate complexity under MiFID II. The fund is UCITS-compliant, which adds a layer of investor protection and regulatory oversight. The factsheet confirms the physical replication method and does not highlight any complex structures or strategies.",
    "confidence": 90
}