{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Securities Lending",
            "Potential for limited derivative use"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the provided MiFID II framework. It is a UCITS ETF, which establishes a baseline presumption of non-complexity. This presumption is upheld as the fund employs physical replication to track its benchmark, the MSCI Turkey Index, by holding the underlying equity securities directly. This structure is transparent and straightforward for a retail investor to understand. While the KIID notes that financial derivative instruments (FDIs) may be used, it specifies their use is 'expected to be limited'. Given the primary replication method is physical, this derivative use is for Efficient Portfolio Management (EPM) and not integral to the investment strategy, thus not triggering a complex classification under the rules. The fund does not use swaps. Securities lending is conducted to generate additional income, but this is a secondary activity and, when managed within UCITS collateral rules, does not automatically render the ETF complex. The fund has no leverage or inverse features. Although the risk profile is high (7/7), this reflects the market and concentration risk of investing in a single emerging market (Turkey), not structural complexity of the product itself. Therefore, it meets the criteria for a non-complex asset."
    }
}