{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Use of derivatives",
            "ESG Considerations",
            "Emerging Markets Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant, uses physical replication, and invests in emerging markets. While physical replication typically supports a non-complex classification, the document states, 'The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth.' and 'Derivatives on an index (e.g. swaps, futures) may contain some underlying constituents which may not meet the ESG criteria.' Even though derivatives are used for risk management (Efficient Portfolio Management), any derivative use can lead to a 'Complex' determination. Also, the fund excludes investments that do not meet ESG standards. Additionally, investments in emerging markets are considered high-risk due to economic and political factors, as stated, 'Emerging markets are generally more sensitive to economic and political conditions than developed markets.' While the ESG considerations themselves don't make the ETF complex, they contribute to the complexity due to potential tracking error and deviation from standard market indices as also indicated by ESMA."
    }
}