{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares J.P. Morgan $ EM Corp Bond UCITS",
    "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 CEMBI Broad Diversified Core Index, composed of USD-denominated emerging market corporate bonds. The fund uses physical replication with a sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID confirm the use of financial derivative instruments only for currency hedging (FX forwards), not as an inherent part of the investment strategy, so derivatives are not considered complexity drivers here. There is no leverage, inverse or amplified exposure. The fund does not employ funded or unfunded swaps, total return swaps, or other synthetic replication techniques. The risk profile is moderate (risk level 4 in KIID, but PRIIPs KID shows a low risk 2/7 classification, reflecting the fixed income nature and hedging). The fund holds a large diversified portfolio of bonds, including some lower credit quality and unrated bonds, but these are standard fixed income securities, not contingent convertible bonds or complex structured products. No capital protection or structured features are present. Costs are straightforward with a TER of 0.53%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical holdings and no synthetic or swap usage. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication, and risk disclosures indicate a non-complex classification under MiFID II despite some derivative use for currency hedging, which is considered risk management rather than complexity. The absence of leverage, synthetic replication, complex underlying assets, or capital protection features supports this conclusion."
}