{
    "fund_name": "iShares Broad  High Yield Corp Bond",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "High yield bonds",
        "Credit risk exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the ICE BofAML Euro High Yield Constrained Index, which consists of sub-investment grade corporate bonds. While high-yield bonds carry higher credit risk, the fund does not use derivatives for leverage or synthetic replication. The risk profile is clearly disclosed as medium risk (level 4), and the fund's strategy is straightforward: direct investment in high-yield bonds. The PRIIPs KID and fact sheet confirm no swap usage or complex derivative strategies. The fund's complexity is limited to the underlying credit risk of high-yield bonds, which is typical for this asset class and does not trigger MiFID II's 'complex' classification.",
    "confidence": 90
}