{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, potential for counterparty risk, moderate risk profile due to emerging market bond exposure",
    "supporting_data": "The ETF is a UCITS-compliant, passively managed fund tracking a transparent, well-documented bond index using a stratified sampling approach. It may use derivatives (currency forwards) for hedging purposes, which introduces counterparty risk. The fund does not engage in securities lending, does not use leverage beyond UCITS limits, and does not hold structured notes or complex bonds. The risk profile is moderate (category 4/7), reflecting the volatility of emerging market bonds, but this is due to market risk, not structural complexity. The structure, objective, and risks are straightforward for a retail investor with basic knowledge, and comprehensive information is publicly available. However, the use of derivatives for hedging, even if limited, is a factor that can contribute to complexity under MiFID II, especially if the derivative is central to the strategy or if the associated risks (e.g., counterparty risk) are not easily understood by the average retail investor.",
    "classification": "non-complex"
}