{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Use of derivatives for hedging and efficient portfolio management. Emerging Markets risk and Index Tracking Risk could contribute to complexity for some investors.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to provide exposure to large and mid-capitalisation stocks in emerging market countries globally, tracking the FTSE Emerging Index NR. The fund uses physical replication, holding index securities in similar proportions. It may use derivatives for hedging and efficient portfolio management (EPM). The investment objective is to minimize tracking error. The KID states it is available to all investors with at least basic investment knowledge, it does not promote environmental and/or social characteristics, and has a risk rating of 5/7 due to emerging markets. The fund is passively managed.  Although derivatives are used for hedging and EPM, based on the rules provided, the use of derivatives does not automatically make the ETF complex, especially if it is limited and for EPM purposes. The funds transparency and physical replication support a non-complex classification. However, it should be noted that Regulators such as ESMA often classify any derivative use as complex, even for EPM, due to counterparty risk (see derivative use interpretation rule)."
    }
}