{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Emerging Market Bonds",
            "Use of Derivatives for Efficient Portfolio Management (EPM)",
            "Below Investment Grade Debt Securities"
        ],
        "classification": "complex",
        "supporting_data": "This ETF is UCITS compliant and aims to track an index of USD-denominated emerging market sovereign bonds. While the ETF uses physical replication, it may utilize derivatives for efficient portfolio management, which regulators may view as introducing complexity due to counterparty risk. Additionally, the index includes below investment grade debt securities and ESG analysis. The risks associated with emerging markets may not be easily understood and that the ETF invests in below investment grade debt securities which may be subject to higher volatility and lower liquidity. For these reasons, the ETF is complex.",
        "explanation": "While the ETF is UCITS compliant and uses physical replication, it may use derivatives for efficient portfolio management which can introduce counterparty risk. Most significantly, the ETF invests in emerging market sovereign bonds including below investment grade debt, which are more complex instruments than developed market investment grade debt due to increased credit risk and volatility, and political and economic instability. These features make the ETF complex as it requires an understanding of emerging market dynamics and credit risk analysis beyond basic financial literacy."
    }
}