{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High yield bonds",
        "Currency hedging using derivatives",
        "Fallen Angels bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication as its primary method, with derivatives only used for currency hedging and efficient portfolio management (not for leverage or inverse exposure). 2) The underlying assets (high yield corporate bonds) are not inherently complex, though they carry higher credit risk. 3) The currency hedging using derivatives is a standard practice for international ETFs and does not materially alter the risk profile. 4) The fund's risk rating (4) is within the typical range for high-yield bond funds and does not indicate complexity. 5) The documentation does not contain any 'comprehension warnings' or explicit statements about suitability only for sophisticated investors. While the fund invests in 'fallen angels' (bonds downgraded from investment grade) and uses derivatives for hedging, these factors alone do not trigger a 'complex' classification under MiFID II. The overall structure remains transparent and understandable for retail investors.",
    "confidence": 85
}