{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares $ High Yield Corp Bond ESG SRI UCITS ETF USD (Dist) is a UCITS-compliant ETF investing primarily in a portfolio of fixed income securities that replicate the Bloomberg MSCI US Corporate High Yield ESG SRI Bond Index. The fund uses physical replication with optimization techniques and may use financial derivative instruments (FDIs) for direct investment purposes, but these are limited and for efficient portfolio management rather than integral to the investment objective. The ETF does not employ leverage beyond UCITS limits, does not embed derivatives that alter the risk profile significantly, and tracks a transparent, well-documented index. The risk profile is driven by credit risk and market volatility typical of high yield bonds, not structural complexity. Securities lending is used but managed within UCITS rules and does not dominate the risk profile. According to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, UCITS ETFs are presumed non-complex unless they embed derivatives integral to the strategy or have complex features such as synthetic replication or leverage. This ETF's use of derivatives is limited to EPM, and it uses physical replication, supporting a non-complex classification. The ETF's structure and risks are understandable by retail investors with basic knowledge, and no complex features such as embedded derivatives or significant leverage are present. Therefore, under MiFID II complexity assessment rules, this UCITS ETF is classified as non-complex."
}