{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares J.P. Morgan $ EM Bond UCITS ETF aims to track the J.P. Morgan EMBI Global Core Index by investing primarily in US Dollar denominated emerging market fixed income securities, including sovereign and quasi-sovereign bonds. The fund uses physical replication with sampled methodology, investing directly in underlying bonds rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm the use of physical securities and only mention derivatives in the context of limited use for efficient portfolio management or hedging, not as an inherent part of the investment strategy. 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 5 in KIID, 3 out of 7 in PRIIPs), reflecting credit, liquidity, currency, and emerging market risks typical of bond funds, but not complexity from derivatives or leverage. Costs are straightforward with a TER of 0.45%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical bond holdings with no indication of synthetic replication or complex derivative usage. Therefore, under MiFID II criteria, this ETF is classified as non-complex because it uses physical replication, has no leverage or synthetic exposure, invests in liquid fixed income securities, and has a clear, linear risk-return profile."
}