{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic Replication using Swaps. The underlying index is a GDP weighted benchmark for local emerging market government debt, subject to a maximum exposure of 15% per country. The fund may use derivatives.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF is classified as 'complex' under MiFID II due to the use of derivatives (swaps) for synthetic replication. The underlying index, while focusing on emerging market government debt, is structured in a way that makes it harder for retail investors to understand.  The Key Investor Information Document (KIID) clearly states the use of derivatives and highlights the risks associated with it, including counterparty risk and collateral risk. ESMA guidelines often classify any derivative use as complex, even if it's used for efficient portfolio management (EPM). The replication method is synthethic."
    }
}