{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the MiFID II framework. The asset is a UCITS ETF, which establishes a baseline presumption of being non-complex. The replication method is physical, as the fund invests directly in the sovereign bonds of the index. The Key Investor Information Document (KIID) explicitly states that derivatives are used for 'efficient portfolio management purposes only', which does not make the ETF inherently complex. There is no mention of leverage, swaps, or other complex structures. The underlying assets are sovereign bonds from emerging markets, some of which may be sub-investment grade. While this increases the credit and market risk (reflected in the 4/7 risk rating), it does not constitute structural complexity under MiFID II, as the bonds themselves are not described as having embedded derivatives or other complex features. The fund's structure and risks are considered straightforward for a retail investor to understand."
    }
}