{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Emerging Market Risk",
            "Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and tracks the MSCI Emerging Markets Small Cap Index using an optimization strategy, implying physical replication. Derivatives are used for efficient portfolio management (EPM). Securities lending is used with a maximum exposure of 40% of the Net Asset Value, introducing counterparty risk but within UCITS regulations. The KID indicates a risk rating of 6/7, reflecting market volatility. While EPM and securities lending introduce some complexity, the physical replication and transparent index support a non-complex classification. However, the emerging market and small-cap focus of the index, coupled with security lending, suggests a higher risk profile relative to a broad market developed market index. The lack of easy client understanding of small caps in developing markets or the risks of securities lending can drive a complex classification if this is material to the underlying risk.",
        "complex": false,
        "non-complex": true,
        "explanation": "This UCITS ETF primarily uses physical replication to track a small cap index of emerging markets with derivatives used only for efficient portfolio management which does not inherently make it complex. Securities lending does introduce some counterparty risk."
    }
}