{
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Use of derivatives for direct investment purposes",
        "Sub-investment grade bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication and invests directly in high-yield corporate bonds. While it mentions the use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The underlying assets are liquid high-yield bonds, and the risk profile is clearly disclosed. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 85,
    "risk_level": 4,
    "counterparty_risk": true,
    "credit_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": false,
    "comprehension_warning": false
}