{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Use of derivatives for currency hedging and efficient portfolio management; investment in investment grade corporate bonds; no embedded derivatives or structured products",
    "classification": "non-complex",
    "supporting_data": "The asset is a UCITS ETF (Xtrackers USD Corporate Bond UCITS ETF) that aims to replicate the Bloomberg USD Liquid Investment Grade Corporate Index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated securities. The fund uses derivatives only for risk management purposes such as currency hedging and efficient portfolio management, not as an inherent part of the investment strategy. There is no indication of synthetic replication or embedded derivatives. The fund does not employ leverage beyond UCITS limits, and securities lending is minimal and well-managed. The underlying index is transparent and based on investment grade corporate bonds, which are straightforward fixed income instruments. According to MiFID II Article 25(4)(a)(iv) and Article 57 of the Delegated Regulation, UCITS ETFs are generally presumed non-complex unless they embed derivatives integral to the strategy or have complex features. The use of derivatives here is limited to EPM and currency hedging, which does not trigger complexity. The fundu2019s structure and risks are understandable by retail investors with basic knowledge. Therefore, under MiFID II, this UCITS ETF is classified as non-complex."
}