{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck J.P. Morgan EM Local Currency Bond UCITS ETF",
    "investment_objective": "Replicate the price and yield performance of the J.P. Morgan GBI-EM Global Core Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund invests primarily in physical bonds issued by emerging market governments, using a sampling methodology to replicate the J.P. Morgan GBI-EM Global Core Index. The KIID and PRIIPs KID confirm that derivatives such as futures, swaps, and currency forwards are used only for efficient portfolio management or hedging purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and risk management oriented. There is no use of leverage, inverse or amplified exposure. The Fund is UCITS compliant, with a low ongoing charge (0.30%) and no performance fees. The risk profile is moderate (level 5 in KIID, level 3 in PRIIPs KID), reflecting emerging market and credit risks rather than structural complexity. The monthly factsheet confirms physical (optimized) replication, no securities lending, and no synthetic swap structures. No capital protection or structured features are present. The underlying assets are straightforward emerging market government bonds, with no contingent convertible bonds or complex structured products. No significant counterparty risk is disclosed beyond normal market risks. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use strictly for hedging, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}