{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Emerging Market Bonds, Currency Hedging, Use of Derivatives for Efficient Portfolio Management",
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant, uses physical replication, and tracks an index of USD-denominated emerging market sovereign bonds. While physical replication generally suggests non-complexity, the investment in emerging market bonds introduces complexity due to the inherent risks associated with these markets (political, regulatory, economic instability, currency volatility). The ETF also uses EUR currency hedging, and derivatives, specifically for efficient portfolio management (EPM) but ESMA guidance makes the asset class complex due to any usage of derivatives.",
        "complex": true
    }
}