{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan EM Local Govt Bond USD (Dist)",
    "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 GBI-EM Global Diversified 10% Cap 1% Floor index by investing primarily in local currency emerging market government bonds. The fund uses physical replication with a sampled methodology, investing 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 direct investment purposes and optimising techniques, not as an inherent element of the strategy, and no mention of funded or unfunded swaps or counterparty exposure is made. The monthly factsheet confirms direct investment in government bonds with no indication of leverage, inverse exposure, or complex structured products. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, risk level 5 in KIID reflecting emerging market credit and liquidity risks), but this is due to the underlying asset class and market characteristics rather than structural complexity. Costs are straightforward with a 0.50% ongoing charge and no performance fees or swap fees. There are no capital protection or structured features. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. No references to complex indices, contingent convertible bonds, or leverage were found. Therefore, the fund is classified as non-complex under MiFID II."
}