{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan $ EM Bond UCITS ETF",
    "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 EMBI Global Core Index, which consists of US Dollar denominated emerging market sovereign and quasi-sovereign 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 currency hedging purposes (FX forwards), not as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure, nor does it have capital protection or structured product features. The risk profile is moderate (risk level 3 out of 7 in PRIIPs KID, and 5 in KIID reflecting credit and emerging market risks), consistent with direct bond exposure rather than complex derivative strategies. Costs are straightforward with a single ongoing charge of 0.50%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical holdings of a diversified portfolio of over 600 bonds, with no indication of synthetic replication or complex underlying assets such as contingent convertible bonds or CLOs. The fund engages in securities lending, but this is disclosed and does not increase complexity classification. Overall, the fund\u2019s structure, replication method, and risk disclosures indicate a non-complex financial instrument under MiFID II rules."
}