{
    "fund_name": "iShares J.P. Morgan EM Local Govt Bond USD (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Emerging Market Bonds",
        "Unrated Securities",
        "Counterparty Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy, primarily investing in government bonds from emerging markets. While it may use derivatives for efficient portfolio management (e.g., optimising techniques), there is no evidence of synthetic replication, leverage, or inverse strategies. The fund's risk profile is rated 5/7, indicating moderate risk, and the underlying assets are government bonds, which are generally considered less complex than structured products. The use of derivatives appears to be for optimisation rather than as an inherent part of the strategy, and the fund's transparency and liquidity align with typical ETF characteristics. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 85
}