{
    "fund_name": "iShares $ High Yield Corp Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High Yield Corporate Bonds",
        "Sub-investment grade credit risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Markit iBoxx USD Liquid High Yield Capped Index, which consists of liquid, sub-investment grade corporate bonds. While high-yield bonds inherently carry higher credit risk, the ETF does not use derivatives, leverage, or synthetic replication. The fund's risk profile is clearly disclosed as medium to high, and the underlying assets (corporate bonds) are transparent and liquid in normal market conditions. The use of derivatives is limited to efficient portfolio management (e.g., securities lending), which does not materially alter the risk profile. The ETF is UCITS-compliant, further supporting its non-complex classification under MiFID II.",
    "confidence": 90
}