{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, securities lending, and optimised physical replication",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF is physically replicated, tracking a transparent, diversified high-yield bond index. Derivatives (FX forwards) are used solely for currency hedging, not for index replication or leverage. Securities lending is conducted within UCITS limits and is not a dominant feature. The structure, risks, and objectives are clearly disclosed and understandable for retail investors with basic knowledge. There is no significant leverage, no embedded derivatives, and no complex or opaque features. The ETF complies with UCITS regulatory requirements, supporting its non-complex classification under MiFID II Article 25(4)(a)(iv) and Article 57, as derivative use is limited to efficient portfolio management (EPM) and does not introduce material complexity or opacity[1]. The risks (credit, liquidity, market) are standard for high-yield bond ETFs and are well-explained in the KID."
}