{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The VanEck J.P. Morgan EM Local Currency Bond UCITS ETF is a UCITS-compliant ETF, which under MiFID II is automatically classified as non-complex unless it has features that make its structure, risks, or payoff difficult for retail investors to understand[1]. The ETF uses physical replication (sampling methodology) to track its benchmark index, holding a diversified portfolio of local currency government bonds from emerging markets. It does not engage in securities lending and does not use derivatives as a core part of its investment strategyu2014derivative use is limited to efficient portfolio management (EPM) or hedging (e.g., currency forwards, futures, swaps), which does not alter the fundamental risk-return profile or introduce material counterparty or collateral risk. The ETFu2019s structure, risks (primarily market, credit, and currency risk), and investment objective are transparent and straightforward, in line with typical UCITS requirements. There is no significant leverage, no embedded derivatives, and no complex features such as contingent convertible bonds or synthetic replication. The underlying index is a standard, transparent bond index. All these factors support a non-complex classification under MiFID II[1]."
}