{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan $ EM Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fixed income ETF tracking the J.P. Morgan EMBI Global Core Index, composed of US Dollar denominated emerging market sovereign and quasi-sovereign bonds. The fund uses physical replication with a sampled methodology, investing directly in underlying bonds rather than synthetic replication or swaps. The KIID and PRIIPs KID documents mention the possible use of financial derivative instruments (FDIs) only for direct investment purposes or risk management, but not as an inherent part of the investment strategy, and no swap agreements or synthetic replication are referenced. The monthly factsheet confirms the fund's physical structure and direct bond holdings, with no indication of funded or unfunded swaps or counterparty exposure beyond normal custody and operational risks. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk level 5 in KIID, 3 out of 7 in PRIIPs), reflecting credit, liquidity, currency, and emerging market risks typical of EM bond funds, but not complexity from derivatives or structured features. Costs are straightforward with a TER of 0.45%, no performance fees, and securities lending revenue sharing disclosed transparently. No capital protection or structured features are present. The fund invests in liquid, transparent fixed income securities, including investment grade and sub-investment grade bonds, but no contingent convertible bonds or complex structured products. The PRIIPs KID does not carry a comprehension warning or complexity flag. Overall, the fund's structure, replication, and risk disclosures align with a non-complex classification under MiFID II."
}