{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Indices",
        "Emerging Market Bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or swaps. The primary complexity factors are the underlying index (J.P. Morgan CEMBI Broad Diversified Core Index), which includes bonds from emerging markets with varying credit ratings, and the potential for liquidity risk in these markets. However, the ETF's straightforward structure, UCITS compliance, and lack of derivative-based strategies align with a non-complex classification under MiFID II. The risk profile is rated 4, indicating moderate risk, which is typical for emerging market bond ETFs and does not trigger complexity. The use of derivatives is limited to efficient portfolio management (e.g., securities lending) and does not materially alter the risk profile. The PRIIPs KID and fact sheet confirm the physical replication method and absence of synthetic structures.",
    "confidence": 90
}