{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan EM Local Govt Bond USD (Acc) Share Class",
    "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 methods, investing directly in fixed income securities that make up the index or similar securities through optimising techniques. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. Derivatives may be used only for direct investment purposes or risk management, but this does not constitute synthetic replication or complexity under MiFID II. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, and 5 in KIID reflecting credit and liquidity risks typical of emerging market bonds), with no extensive derivative-related risk disclosures or counterparty risk beyond normal custodial risk. Costs are straightforward with a TER of 0.50%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical holdings of over 300 government bonds with no indication of complex underlying assets such as contingent convertible bonds or CLOs. There is no indication of complex indices or structured features. The fund engages in securities lending, but this is standard and does not increase complexity. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no synthetic or leveraged elements. Therefore, it is classified as non-complex under MiFID II."
}