{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged Distributing ETF",
    "investment_objective": "Track the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index, providing exposure to US dollar denominated emerging market fixed and floating rate corporate bonds with ESG screening.",
    "primary_asset_class": "Corporate Bonds (Emerging Markets, USD denominated)",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses a representative sampling physical replication method investing directly in a diversified portfolio of emerging market corporate bonds. The KIID and PRIIPs KID documents confirm that while the Fund may use financial derivative instruments (FDIs), these are for efficient portfolio management and risk reduction rather than as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty exposure related to swaps. The Fund does not employ leverage, inverse or amplified exposure. The risk rating is moderate (4 on a 7-point scale) in the KIID, but low (2 on a 7-point scale) in the PRIIPs KID, reflecting the underlying bond market risks rather than structural complexity. The Fund invests in liquid, USD-denominated emerging market corporate bonds with ESG criteria applied, but no contingent convertible bonds, structured products, or capital protection features are present. Costs are straightforward with a single ongoing charge of 0.38% and no performance fees or swap fees. The monthly factsheet confirms physical replication with a large number of holdings (627) and no indication of synthetic or leveraged structures. No complexity flags such as capital protection, contingent bonds, or significant counterparty risk are identified. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the ETF exhibits a straightforward, transparent, and linear investment strategy consistent with a non-complex classification under MiFID II."
}