{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG criteria in index selection",
            "Emerging Markets exposure",
            "Non-investment grade bonds"
        ],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF tracks the iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted Index. While it invests in emerging markets and non-investment grade bonds, which inherently carry higher risks, its replication method is physical. The ETF does not explicitly mention the use of derivatives for its core strategy, and the description of the index methodology (which includes ESG criteria and country weightings based on fundamental economic indicators and ESG Ratings) does not inherently suggest complexity in structure. The risks highlighted (emerging markets, non-investment grade bonds) are market risks, not structural complexities that would make understanding difficult for a retail investor. The reference to 'the fund may employ techniques and instruments in order to manage risk... may include the use of derivatives' indicates potential derivative use for risk management or cost efficiency, rather than as a core component for index replication, which is generally considered non-complex if limited and for EPM. Given the focus on physical replication and the absence of explicit complex derivative strategies, the ETF is presumed non-complex."
    }
}