{
    "complex": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Complex Index Composition",
        "Emerging Market Exposure",
        "Sovereign Debt Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to the complexity of the underlying index (S&P/BMV Sovereign International UMS 5-10 Year Target Maturity 30% Capped Bond Index) and the emerging market exposure. While the ETF uses physical replication and does not employ leverage, swaps, or inverse strategies, the index's rules-based methodology and the nature of sovereign debt investments introduce significant complexity. The PRIIPs KID and factsheet do not indicate any additional complexity factors beyond those identified in the KIID. The risk profile (4 out of 7) and the emerging market exposure suggest that the ETF may not be suitable for all retail investors, particularly those without specific investment knowledge. The absence of derivatives or swaps means the ETF does not meet the typical complexity triggers related to synthetic replication or leverage, but the underlying asset class (sovereign bonds) and the index's structure contribute to the overall complexity.",
    "confidence": 85
}