{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Emerging Market High Yield Bonds, Illiquidity, Credit and Currency Risks",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF investing primarily in a diversified portfolio of emerging market bonds, including fixed income securities such as fixed and floating rate bonds and commercial paper. The investment objective is income with potential capital growth, achieved through direct investment in physical debt securities rather than synthetic replication or derivatives. There is no mention of swap agreements, total return swaps, or derivative instruments used for replication. The Fund is actively managed without a benchmark and invests at least 51% in investment grade bonds, but also includes high yield bonds which carry higher credit and liquidity risk. The risk and reward indicator is 4, indicating moderate risk, with no leverage or inverse exposure. The KIID highlights risks typical of emerging market debt such as credit risk, liquidity risk, currency risk, and counterparty risk limited to currency hedging derivatives, which are used for risk management rather than as an inherent part of the investment strategy. There are no capital protection or structured product features. Fees are straightforward with no performance fees or swap fees. The absence of leverage, synthetic replication, complex derivatives, or structured features supports a non-complex classification under MiFID II. Although the underlying assets are higher risk and less liquid emerging market bonds, this does not alone trigger complexity classification. No PRIIPs KID or factsheet information indicated additional complexity such as swap usage or leveraged exposure."
}