{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Investment in sub-investment grade emerging market bonds",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication for bond exposure and employs FX forwards for currency hedging, which is a common and transparent practice. While derivatives are used, they are for hedging purposes rather than speculative or leveraged strategies. The underlying bonds are from emerging markets, which carry higher credit risk, but this is clearly disclosed. The risk profile is rated 5 (moderate to high), but the structure remains straightforward for retail investors. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The fact sheet confirms the use of FX forwards for hedging, which is standard for currency-hedged ETFs.",
    "confidence": 90
}