{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares J.P. Morgan $ EM Bond UCITS ETF (CHF Hedged Acc) is a UCITS-compliant ETF that physically invests in emerging market US Dollar denominated fixed income securities, primarily sovereign and quasi-sovereign bonds. The fund uses an optimisation (sampling) technique to track the J.P. Morgan EMBI Global Core Index but does not employ synthetic replication or swap agreements. The documents explicitly state the use of physical bond holdings and do not mention funded or unfunded swaps, total return swaps, or derivative instruments as part of the core investment strategy. Derivatives are only used for currency hedging purposes (FX forwards), which is considered risk management rather than inherent derivative exposure, so 'derivatives' is marked false. There is no leverage, inverse, or amplified exposure language. The risk profile is medium (KIID risk level 5) reflecting credit and emerging market risks, but not complexity from leverage or derivatives. The fund engages in securities lending, but this does not increase complexity under MiFID II. The PRIIPs KID confirms a moderate risk level (3/7) and no complexity warnings or comprehension warnings. The factsheet confirms physical replication, no synthetic structures, and no leverage. The underlying assets are bonds, including investment grade and sub-investment grade, but no contingent convertible bonds or complex structured products. No capital protection or structured features are present. Overall, the fund\u2019s structure and strategy align with a non-complex classification under MiFID II."
}