{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR Bloomberg Emerging Markets Local Bond UCITS ETF",
    "investment_objective": "Track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index unhedged USD base hedged into EUR",
    "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 is a UCITS compliant ETF that uses a stratified sampling physical replication method to track a bond index of emerging market local currency government bonds. The KIID and PRIIPs KID explicitly state that the Fund may use financial derivatives only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The Fund does not employ leverage or inverse strategies. The underlying assets are primarily liquid government bonds with a broad credit quality range, and the Fund does not invest in complex structured products or contingent convertible bonds. The risk profile is medium (category 3-4 in KIID, 3/7 in PRIIPs), consistent with bond market volatility but not indicative of complexity. Costs are straightforward with a single ongoing charge (TER) of 0.60%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication via stratified sampling and currency hedging via forward contracts, which are standard and not considered complex under MiFID II. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, the Fund is classified as non-complex under MiFID II criteria."
}