{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The Xtrackers USD High Yield Corporate Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented bond index (Bloomberg US High Yield Very Liquid Index ex 144A). It does not use derivatives as a core part of its investment strategyu2014derivative use is limited to efficient portfolio management (EPM), such as currency hedging, and is not integral to achieving the fund's objective. The fund may engage in securities lending, but this is a secondary activity, well-managed within UCITS rules, and does not dominate the risk profile. There is no significant leverage, no embedded derivatives, and no complex features such as swaps, inverse exposure, or contingent convertible bonds. The structure, risks (primarily credit and interest rate risk), and payoff are straightforward and can be understood by retail investors with basic knowledge. The fund is authorized in Ireland and regulated by the Central Bank of Ireland, ensuring transparency and investor protection. All these elements align with the MiFID II presumption that UCITS ETFs are non-complex, provided they do not employ complex portfolio management techniques or structured features that would make them difficult for retail investors to understand[1][2]. The absence of any complex factors (leverage, swaps, inverse, embedded derivatives, or complex indices) confirms the non-complex classification under Article 57 of the MiFID II Delegated Regulation."
}