{
    "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 may use derivatives for efficient portfolio management (EPM), this is a standard practice that does not inherently make the fund complex under MiFID II. The fund primarily invests in USD-denominated below-investment-grade corporate debt securities, which are transparent and liquid assets. The risk profile is clearly disclosed, and the fund follows a straightforward investment strategy. The absence of complex structures, leverage, or synthetic replication supports the non-complex classification.",
    "confidence": 95
}