{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, securities lending, emerging market bond exposure",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking a transparent, well-documented index of US dollar-denominated emerging market sovereign and quasi-sovereign bonds. Derivatives (FX forwards) are used solely for currency hedging to reduce exchange rate risk between the fund's base currency (USD) and the share class currency (MXN), not for synthetic replication or to achieve the fund's investment objective. Securities lending is employed as a secondary activity to generate additional income, within UCITS limits and with collateralization. The fund does not use leverage beyond temporary UCITS borrowing limits, does not embed complex derivatives (e.g., swaps, options, or structured notes), and does not hold contingent convertible bonds or other complex debt structures. The risksu2014credit, interest rate, liquidity, and emerging market risksu2014are standard for the asset class and are clearly disclosed. The structure, risks, and use of derivatives are typical for a UCITS ETF and do not introduce complexity that would make the product difficult for a retail investor with basic knowledge to understand. Therefore, despite the use of derivatives for hedging and securities lending, the ETF remains non-complex under MiFID II, as these features are ancillary, well-disclosed, and do not alter the fundamental risk-return profile in a way that would trigger a complex classification[1]."
}