{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for direct investment purposes",
        "Potential counterparty risk from derivatives",
        "Investment in sub-investment grade bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication and tracks a high-yield corporate bond index. While it mentions the potential use of derivatives for direct investment purposes, there is no indication of leverage, inverse exposure, or synthetic replication. The risk profile is rated 4, which is moderate, and the fund invests in sub-investment grade bonds, which may introduce additional credit risk but does not inherently make the product complex. The use of derivatives appears to be for efficient portfolio management rather than as a core strategy. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 85
}