{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Emerging Market Risk",
            "Securities Lending",
            "Index Tracking Risk",
            "PRC Investments Risk",
            "Liquidity Risk & ETF Liquidity Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The provided document describes an SPDR MSCI EM Asia UCITS ETF, a fund aiming to track the MSCI EM Asia Index. It primarily invests in securities included in the index, using a replication strategy to mirror the index. While the fund may use derivatives for efficient portfolio management (EPM), its primary replication method is physical, involving holding the index's underlying securities. Key risks include emerging market risk, index tracking risk, liquidity risk, and PRC investments risk. Securities lending is permitted but capped at 40% of net asset value. As a UCITS ETF with physical replication, it is generally considered non-complex although ESMA guidelines often flag any derivative use as complex. In this instance, the derivative usage is for EPM, so I have classified the asset as Non-Complex."
    }
}