{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF aims to reflect the performance of the iBoxx MSCI ESG USD Emerging Markets Sovereigns Quality Weighted Index. The ETF employs a passive management strategy. The KIID states that the fund invests in USD denominated bonds issued by governments or central banks in emerging market countries. It also mentions that the fund may enter into financial contracts (derivatives) to reduce the effect of exchange rate fluctuations between the fund's assets and the currency of the shares, which is a form of efficient portfolio management and not integral to the investment objective. The risk indicator is category 4, indicating potentially high risk due to market fluctuations, but not due to structural complexity. The index selection considers fundamental economic indicators and MSCI ESG Government Ratings, which is a factor contributing to the ETF's objective but does not inherently make the ETF's structure complex for a retail investor. There is no mention of leverage, embedded derivatives beyond FX hedging, or complex underlying assets that would prevent a retail investor with basic knowledge from understanding the product's structure and risks. The primary risks highlighted are bonds risk (credit, interest rate) and emerging markets risk, which are standard for such an asset class. The fund uses physical replication to track the index. Therefore, based on the provided information and the MiFID II framework, the ETF is classified as non-complex."
    }
}