{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of financial derivative instruments (FDIs) for direct investment purposes",
        "Potential counterparty risk from derivative usage",
        "Investment in high-yield corporate bonds (sub-investment grade)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with some optimisation techniques that may include limited use of derivatives for direct investment purposes. While derivatives are mentioned, there is no indication of synthetic replication, leverage, or inverse strategies. The fund tracks a high-yield corporate bond index, which inherently carries higher risk but does not necessarily make the ETF complex under MiFID II. The PRIIPs KID confirms physical replication and the fact sheet shows no swap usage or synthetic structure. The main complexity factors are the use of derivatives (though likely minimal for efficient portfolio management) and the high-yield bond exposure, but these do not meet the threshold for a 'complex' classification under MiFID II.",
    "confidence": 90
}