{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High yield corporate bonds (Fallen Angels)",
        "Sub-investment grade credit risk",
        "Potential for illiquidity in underlying bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index, which consists of sub-investment grade corporate bonds. While the underlying bonds carry higher credit risk (BB+ to B- ratings), the ETF itself does not use derivatives for leverage, inverse exposure, or synthetic replication. The fund's risk profile is primarily driven by the credit risk of the underlying bonds, which is clearly disclosed. The absence of derivatives beyond potential efficient portfolio management (e.g., securities lending) and the straightforward physical replication method align with MiFID II's non-complex classification. The PRIIPs KID confirms the product structure is 'Physical,' reinforcing the lack of derivative-based complexity.",
    "confidence": 90
}