{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Emerging market bonds (higher risk)",
        "High-yield bonds (non-investment grade)",
        "Currency hedging using derivatives",
        "Potential exposure to illiquid markets"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy, tracking the FTSE Emerging Markets USD Government and Government-Related Bond Select Index. While it employs derivatives for currency hedging, this is a common practice in ETFs and does not introduce leverage or inverse exposure. The underlying index consists of government and quasi-sovereign bonds from emerging markets, which inherently carry higher risk but are not structured products. The ETF's risk profile (category 5) reflects the volatility of emerging market debt rather than structural complexity. The fact sheet confirms direct replication (physical) as the portfolio methodology, and the KIID states the fund aims to replicate the index by buying securities. While emerging market bonds and high-yield exposure add risk, they do not make the ETF 'complex' under MiFID II, as the structure remains transparent and the derivative use is for efficient portfolio management (currency hedging). The absence of leverage, inverse strategies, or capital protection features further supports the non-complex classification.",
    "confidence": 90
}