{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex underlying assets",
            "Emerging market local currency debt",
            "Sub-investment grade bonds"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF using physical replication (stratified sampling) and only uses derivatives for efficient portfolio management, it is classified as complex due to the nature of its underlying assets. The fund invests in local currency government bonds from emerging markets, which may be rated below investment grade. This introduces multiple, intertwined risks that are difficult for an average retail investor to understand, including: 1) Emerging Market Risk (political and economic instability), 2) Local Currency Risk (significant currency fluctuations against the investor's base currency), 3) Lower Rated Securities Risk (higher probability of default and volatility associated with sub-investment grade debt), and 4) specific jurisdictional risks such as the 'PRC Investments Risk' mentioned in the KIID. The MiFID II assessment hinges on the ease of understanding the product's risks and payoff. The combination of these specific, advanced risk factors makes the ETF's overall risk profile difficult to grasp for an investor with only basic knowledge, thereby overriding the presumption of non-complexity that comes with its UCITS structure.",
        "final_assessment": "Complex"
    }
}