{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan $ EM Corp Bond UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the J.P. Morgan CEMBI Broad Diversified Core Index by investing primarily in USD-denominated emerging market corporate bonds. The fund uses physical replication with a sampled approach to invest directly in fixed income securities rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of financial derivative instruments only for currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage, inverse or amplified exposure mentioned. The fund does not employ capital protection or structured features. The risk rating is moderate (4 in KIID, 2 in PRIIPs KID, reflecting low to medium risk typical of emerging market bonds) and there are no warnings about complexity or suitability restrictions. The monthly factsheet confirms physical replication, no use of swaps, and direct holdings in a diversified portfolio of over 1,100 bonds. The fund engages in securities lending to offset costs, but this does not increase complexity. The benchmark is a broad emerging market corporate bond index without complex contingent bonds or structured products. Overall, the fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II despite the emerging market credit risk and currency hedging. There are no synthetic replication, leverage, or complex underlying assets that would trigger a complex classification."
}