{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Emerging Markets Sovereign Bonds)",
        "Potential Illiquidity in Underlying Assets",
        "High Credit Risk in Emerging Market Bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling to track the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped Index. While the underlying index consists of emerging market sovereign bonds (which carry higher credit risk and potential illiquidity), the ETF itself does not use derivatives, swaps, or leverage. The replication method is straightforward, and the fund's risk profile is clearly disclosed as high (risk level 5). The absence of synthetic replication, leverage, or inverse strategies means the ETF does not meet MiFID II's criteria for complexity. The PRIIPs KID and fact sheet confirm no comprehension warning or complex structures. The primary complexity factors are the underlying assets (emerging market bonds) rather than the ETF's own structure.",
    "confidence": 90
}