{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Emerging Market Exposure",
        "Credit Risk",
        "Liquidity Risk",
        "Counterparty Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares J.P. Morgan EM Local Govt Bond UCITS ETF is a physically replicated fund that primarily invests in local currency government bonds from emerging markets. While it uses financial derivative instruments (FDIs) for direct investment purposes, the KIID and factsheet indicate that these are used within the context of efficient portfolio management rather than for leverage or complex strategies. The fund does not employ synthetic replication, swaps, or leverage, and its risk profile is driven by the inherent risks of emerging market bonds (credit risk, liquidity risk, currency risk) rather than structural complexity. The fund is UCITS-compliant, has a clear benchmark, and provides regular disclosures, supporting its classification as non-complex under MiFID II. The use of derivatives is limited and does not introduce additional complexity beyond the underlying asset class risks.",
    "confidence": 90
}