{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives, Swaps, High Yield Bonds, Non-Investment Grade Securities, Counterparty Risk, Liquidity Risk, Credit Risk",
    "classification": "complex",
    "supporting_data": "This UCITS ETF tracks a high yield corporate bond index and invests in non-investment grade securities, which are inherently riskier and less liquid than investment grade bonds. The fund may use derivatives (including futures, options, and swaps) to achieve its investment objective, especially when direct investment in underlying bonds is difficult. The use of derivatives introduces counterparty risk and potential for increased volatility, which are not easily understood by retail investors with basic knowledge. The fund's risk profile is elevated due to credit and default risk, liquidity risk, and the complexity introduced by derivative instruments. While UCITS ETFs are generally presumed non-complex, the combination of high yield exposure, derivative usage (including swaps), and the associated risks means this ETF does not meet all Article 57 criteria for non-complexity under MiFID II. The structure and risks are not straightforward for the average retail investor, warranting a complex classification."
}