{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan $ EM Bond CHF Hedged",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that aims to track the J.P. Morgan EMBI Global Core Index hedged to Swiss Francs by investing primarily in fixed income securities (bonds) that make up the index. The replication method is physical, using sampled securities from the index rather than synthetic replication. The Fund uses FX forward contracts for currency hedging, which are derivative instruments used solely for risk management rather than as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of swap agreements, total return swaps, or counterparty exposure related to synthetic replication. The Fund does not employ leverage, inverse or amplified exposure. The risk profile in the KIID rates the Fund at 5 (medium-high) due to the nature of emerging market bonds and credit risk, but this does not imply complexity under MiFID II. The PRIIPs KID confirms a moderate risk level (3 out of 7) and no comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings of USD-denominated emerging market sovereign and quasi-sovereign bonds, with currency hedging via FX forwards. No capital protection or structured features are present. Costs are straightforward with a TER of 0.50%, no performance fees, and no swap or derivative fees beyond normal transaction costs. The Fund uses securities lending to offset costs but this does not increase complexity. Overall, the Fund exhibits a straightforward, physical replication strategy with minimal derivative use for hedging only, no leverage, no synthetic structures, and invests in liquid, transparent fixed income securities. Therefore, it is classified as non-complex under MiFID II."
}