{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg U.S. High Yield Corporate Scored UCITS ETF is a UCITS-compliant, physically replicated ETF that primarily invests in high yield corporate bonds. It uses a stratified sampling strategy to track its index, does not engage in securities lending, and may use derivatives only for efficient portfolio management (EPM) with minimal impact on risk-return. There is no evidence of significant leverage, synthetic replication, or embedded derivatives. The fund's structure, risks, and objectives are transparent and straightforward, consistent with the UCITS presumption of non-complexity under MiFID II Article 25(4)(a)(iv)[1]. The use of derivatives is limited and not central to the investment strategy, and the fund does not hold complex instruments such as contingent convertible bonds or structured products that would introduce opacity or advanced risks. The index tracked is a transparent, fixed-income benchmark, and the fund's risk profile (category 4) reflects market volatility, not structural complexity. All these factors support a non-complex classification under MiFID II[1]."
}