{
    "fund_name": "Vanguard USD Emerging Markets Government Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg EM USD Sovereign + Quasi-Sov Index, investing directly in a representative sample of bonds. While derivatives are mentioned for risk reduction or cost management, they are not a core part of the strategy. The fund has a straightforward investment objective, invests in liquid government bonds, and has a clear risk profile (SRRI 4). The KIID and factsheet do not indicate the use of complex instruments like swaps, leverage, or structured products. The fund's risk disclosures are standard for bond ETFs, with no warnings about complexity or suitability for retail investors.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": "Mentioned but not a primary driver of complexity",
    "liquidity_risk": "Standard for emerging market bonds",
    "index_complexity": "The Bloomberg EM USD Sovereign + Quasi-Sov Index is a standard bond index without complex features like leverage or derivatives."
}