{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High Yield Bonds",
        "Credit Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares  High Yield Corp Bond UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication (as confirmed in the PRIIPs KID and fact sheet), 2) There is no leverage or inverse exposure, 3) Derivatives are not used for investment purposes (only for efficient portfolio management, such as securities lending), 4) The underlying assets (high-yield corporate bonds) are liquid and transparent, 5) The risk profile is clearly disclosed and aligns with the fund's stated objectives. While high-yield bonds carry credit risk, this does not inherently make the ETF complex, as the risks are well-documented and understandable for retail investors. The fund's UCITS compliance further supports its non-complex classification.",
    "confidence": 90
}