{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers USD High Yield Corporate Bond UCITS ETF is a physically replicated ETF that tracks the Bloomberg US High Yield Very Liquid Index ex 144A. The KIID and factsheet indicate that the fund uses direct replication (physical) to achieve its investment objective. While the fund may use derivatives for currency hedging and efficient portfolio management, these are standard practices for UCITS-compliant ETFs and do not introduce complexity under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying assets are high-yield corporate bonds, which, while carrying credit and interest rate risks, are straightforward and transparent. The risk profile is clearly disclosed, and the fund provides regular liquidity. The absence of complex structures, capital protection mechanisms, or sophisticated derivative strategies supports the non-complex classification.",
    "confidence": 95
}