{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The VanEck iBoxx EUR Corporates UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the iBoxx SD-KPI EUR Liquid Corporates Index. The KIID and PRIIPs documents confirm it uses physical replication ('Product Structure: Physical (Full Replication)') and does not employ derivatives, swaps, or leverage. The index consists of liquid investment-grade corporate bonds with fixed rates and no embedded derivatives. The fund's risk profile (level 4) aligns with its straightforward bond-tracking strategy. No complexity indicators (e.g., capital protection, contingent bonds, or structured products) are present. The PRIIPs KID lacks a 'comprehension warning,' further supporting its non-complex status. The factsheet reinforces this, showing no derivative usage or synthetic replication.",
    "confidence": 95
}