{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF",
    "investment_objective": "Track the performance of the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets (USD-denominated government bonds)",
    "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 investing primarily in USD-denominated emerging market government bonds with maturities under 5 years. It uses a stratified sampling physical replication method to track the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index. The KIID and PRIIPs KID documents confirm that derivatives are only used for efficient portfolio management, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk. There is no leverage, inverse exposure, or capital protection features. The risk rating is low to medium (3 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond ETF. The factsheet confirms no use of swaps or synthetic replication, and the underlying assets are liquid government bonds. Costs are simple with no performance fees or swap fees. No complexity flags such as contingent bonds, structured products, or capital guarantees are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}