{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan ESG $ 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 fixed income ETF tracking the J.P. Morgan ESG EMBI Global Diversified Index, focusing on USD-denominated emerging market sovereign and quasi-sovereign bonds. The KIID and PRIIPs KID documents indicate the fund uses physical replication with sampled methodology and may use financial derivative instruments (FDIs) only for direct investment purposes or risk management, not as an inherent part of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk profile is moderate (KIID risk level 5, PRIIPs risk level 3 out of 7), consistent with emerging market bond risk, but no complexity flags such as capital protection, structured features, or contingent bonds are present. The fund engages in securities lending, but this is disclosed transparently and does not add complexity. The monthly factsheet confirms physical holdings of over 800 bonds, no use of swaps or synthetic replication, and no leverage. The complexity arises mainly from the underlying emerging market bonds which have credit and liquidity risks, but these are typical for bond ETFs and do not trigger MiFID II complexity classification. Therefore, the ETF is classified as non-complex."
}