{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "not applicable",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Active management, investment in emerging market labelled bonds, use of derivatives for EPM and investment purposes.",
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the J.P. Morgan EM Credit Green, Social and Sustainability Bond Diversified Index.  While the fund may use derivatives for efficient portfolio management (EPM) and investment, the description explicitly states that this is for risk management and seeking to increase return, not inherent to the investment strategy.  The fund's stated objective is active management, focusing on emerging market labelled bonds with green and social contributions, suggesting the fund does not use derivatives for replication of the benchmark but rather in support of that active management strategy. The active management approach, the focus on a well-documented benchmark (the J.P. Morgan index), and the physical nature of the investment (with the exception of limited derivative use for EPM) support a non-complex classification under MiFID II.  The overall description and risk profile suggests that the fund tracks the stated investment theme with appropriate levels of liquidity and transparency, making it easily understood by retail investors with basic knowledge, meeting the non-complex assessment criteria."
    }
}