{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Derivatives use for risk reduction and income generation",
            "Emerging Markets exposure",
            "Currency risk"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF employs physical replication but may use derivatives to reduce risk or cost and/or generate extra income or growth. It tracks an index of emerging market large, mid, and small-cap stocks, screened for ESG criteria. The fund invests in securities denominated in currencies other than the base currency (USD), exposing investors to currency risk. Although derivatives are used for efficient portfolio management rather than replication, regulators such as ESMA often classify any derivative use as complex due to counterparty risk.  Exposure to Emerging Markets and resulting investment risk result in risk rating 6/7. Therefore, the derivative element leads to a classification of Complex.",
        "complex": true,
        "non-complex": false
    }
}